Broker/owner Elad Bushari exclusively confirmed to Banker & Tradesman that Compass Real Estate has agreed to purchase Back Bay-based Bushari Real Estate. Bushari declined to discuss the terms of the deal and said he and his wife, Mara, are very much looking forward to their future with Compass.
The acquisition of Busharis is Compass’ first in Massachusetts.
“As we looked forward to our next growth, we spoke with a lot of companies and venture capitalists,” Bushari said. “We looked at Compass a couple of months ago. We liked that the DNA of the two companies is very, very similar. The culture and values are almost identical. This move will enable our agents to grow on a much larger platform.”
The two companies combined did a little over $1.2 billion in sales in 2017, Bushari said.
According to MLS records, Bushari Real Estate ranked 58th in the Massachusetts 2017 with $205.7 million in sales, down 1.2 percent from $208.2 million in 2016.
“As we began to look at ways to grow our footprint in the greater Boston region, it became clear that the expertise and close community ties Bushari agents have in the market, paired with their appetite to bring best-in-class technology and support to their clients, makes Bushari a great addition Compass,” Jeffrey Heighton, general manager of Compass Boston, said in a statement. “We’re thrilled to welcome Bushari to our growing Compass family in Boston and nationwide.”
The transaction occurred on the heels of a recent $450 million investment by the Softbank Vision Fund. With the addition of Bushari, Compass’ Greater Boston team has grown to nearly 150 agents.
“I would have built Compass myself 10 years ago if I could have,” Bushari said. “It’s five stars across the board. They’re changing the way real estate is being done and will ideally be the only way it’s done in the future.”
Bushari said his agents began the on-boarding process today, and the Busharis will join Compass as a real estate team.
This story has been updated to include comments from Compass Boston, and to note that this is Compass’ first acquisition in Massachusetts.
