Compass, a technology-driven real estate platform, is preparing to enter the Hamptons real estate scene and two local leaders in the field, Ed Reale and Ed Petrie, will join the company’s first Hamptons office.
“Attracting and partnering with exceptional talent is the first step toward a successful launch in any new market, and that holds especially true in the Hamptons where competition is fierce. In welcoming Ed Petrie and Ed Reale we are getting two of the biggest forces in the industry whose creative vision and best-in-class client service is unrivaled,” said Robert Reffkin, Founder and CEO of Compass. “Backed by their experience and deep institutional knowledge, we are well-positioned to make an immediate impact in the booming Hamptons market.”
Petrie is a lifelong resident of East Hampton whose resume includes more than 30 years of experience in luxury real estate. “I am excited to be at the forefront of Compass’s expansion into the Hamptons market,” noted Petrie. “It is a privilege to join a talented team whose aspiration is to become the premier brokerage across the world’s luxury markets while providing unprecedented levels of support to agents’ careers.” Petrie, who is often included in the Wall Street Journal’s list of top 200 agents nationwide, has over $230 million in current listings and is consistently considered one of the top 10 brokers on the East End.
Reale, who will join Compass as senior managing director of the Hamptons region, managed Brown Harris Stevens offices in Southampton, Sag Harbor and Westhampton. “With the confluence of exceptional agents and superlative data technology, Compass is going to raise the industry standard here in the Hamptons,” explained Reale. “I look forward to working with the in-house engineers, brokers, and leadership in building a truly different brokerage experience.” Reale has over 25 years of real estate experience, as both a brokerage manager and attorney.
The Hamptons venture comes only weeks after Compass’s latest $50 million funding round, which was headed by Institutional Venture Partners, and has investments in prominent technology companies including Dropbox, Kayak, Snapchat and Twitter. The funding, which brings total capital raised to $125 million, also features new investments from existing investors such as 406 Ventures, Advance Publications, Inc., Founders Fund, Thrive Capital, Kenneth Chenault, CEO of American Express and Marc Benioff, Founder and CEO of Salesforce.com.
Compass was founded in Manhattan in 2013, and quickly began opening offices in other markets including Brooklyn, Washington D.C., Miami and Boston. Compass’s Hamptons office is located in Bridgehampton.