Pacific Union, John Aaroe Group Merge
- Dec 16, 2016
San Francisco and Los Angeles—It’s a tale of the North and the South. San Francisco’s Pacific Union International Inc. and Los Angeles-based John Aaroe Group have merged, creating a powerhouse luxury residential real estate company covering the Golden State from top to bottom—and then some.
The merger didn’t just happen out of the blue. Pacific Union, the ninth largest real estate brokerage firm in the U.S. based on its 2015 sales volume of $8.2 billion, had been in the market for a new partner. Together, the companies cover expanded ground, with overlap only where it counts. “John Aaroe Group is a premium brand that embraces our culture of teamwork, trust and innovation,” Mark McLaughlin, Pacific Union CEO, said in a prepared statement. “The combination will permit Pacific Union to continue to invest in marketing and technology programs to support our real estate professionals in this highly competitive market.”
Pacific Union, known for its industry-leading Innovation Lab technology development team, provides personal and commercial real estate services, predominantly in the San Francisco Bay Area’s high-end market. However, the 40-year-old-firm’s reach extends beyond Northern California—way beyond. Pacific Union also offers a concierge program for Chinese homebuyers. The company has its hands in a lot of pies. Back at home, Pacific Union boasts a presence in the urban high-rise and mixed-use sectors through ownership of The Mark Co., which Pacific Union acquired just over one year ago. The Mark Co., the top developer of new luxury high-rise condominiums on the West Coast, has a footprint in Northern California, in addition to Las Vegas, Seattle and Denver.
Launched in early 2009, John Aaroe Group has the affluent Los Angeles-area market covered, with offices in such toney locales as Beverly Hills and Brentwood. The firm has quite a reputation, due in no small part to its orchestration of the sale of a 23,000-square foot Beverly Hills home for $70 million in 2014, marking the highest-priced residential sale in Beverly Hills—ever. John Aaroe Group is a transaction-heavy company, having had a hand in the closing of 2,834 transactions valued at more than $2.3 billion in 2015. Its multi-billion accomplishments are undoubtedly aided by its International Luxury Properties division, which, through relationships with top real estate brokers around the world, provides the company the opportunity to market Los Angeles-area properties internationally and introduce international properties to local buyers.
“This strategic collaboration with Pacific Union delivers on our brokerage’s mission to expand our international reach and accelerate the adoption of the most advanced technology and innovative thinking for our real estate professionals in the industry today,” John Aaroe, president of John Aaroe Group, said in prepared remarks.
Looking at price per square foot alone, the state of California’s high-end residential real estate market—both single-family homes and condominiums—is, well, golden. Of 17 top primary and resort markets in the U.S., Los Angeles and San Francisco are the second and third most expensive, respectively, according to a report by Christie’s International Real Estate.
Image courtesy of Pacific Union