Upstart tech-based real estate firm Compass is expanding into the Boston market, opening its fifth US office since launching in 2013.
Compass markets now include Miami, Brooklyn, and Washington, DC. The company is based in Manhattan.
“Boston’s strong real estate market provides a unique opportunity for us to showcase our innovative technology, which brings intelligence to the home purchase and sale processes,” said Robert Reffkin, Compass’s Founder and CEO.
“We are confident that Boston’s real estate leaders and consumers alike will find that working with our mobile-first technology eliminates many obstacles, resulting in a faster, easier and more efficient home-buying experience.”
Compass’s inaugural Boston office will be located at 126 Newbury Street in the Back Bay district. The office will span across three floors and 21,000 s/f of space. The company is also expanding its engineering population with plans to station select new engineer hires in the Boston office.
Among the top agents spearheading Compass in Boston is Jeannemarie Conley, who will join as Managing Director.
Over the span of her career, Conley has transacted more than $200 million in sales, including a $12.5 million condo sale at 15 Commonwealth Avenue — the highest priced residential sale statewide in 2012. The next year, she followed with a record private sale on Commonwealth Avenue, Boston. She was previously a top producer at Otis & Ahearn.
Compass’s proprietary technology includes tools within a mobile workspace that save agents and clients hours of time by reducing reliance on multiple platforms. Their mobile app is the #1 downloaded and top rated real estate app in New York.
The expansion to Boston comes on the heels of the company’s latest $50 million funding round, led by Institutional Venture Partners, which has investments in disruptive technology companies like Dropbox, Kayak, Snapchat and Twitter. The round also included new investments from existing key investors including Thrive Capital, Founders Fund, 406 Ventures, Advance Publications, Inc. (the parent company of Condé Nast), Kenneth Chenault, CEO of American Express and Marc Benioff, Founder and CEO of Salesforce.com.
Beyond its expansion into Boston, Compass plans to bring its technology to additional cities in the coming months. The company is actively exploring opportunities in markets that include Atlanta, Chicago, Dallas, Houston, the Hamptons, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco and Seattle.