In a significant move for the local real estate industry, Pasadena’s boutique brokerage, Deasy Penner Podley (DPP) Real Estate, said it is aligning with the national firm, Compass. The announcement was made on Tuesday, marking a new chapter for the well-regarded local firm.
Founded in 2005 by George Penner and Mike Deasy, DPP has been a stalwart of the Pasadena real estate scene. With over 175 agents and a sales volume of $1.25 billion in 2022, DPP has been serving an area spanning from Santa Monica to Palm Springs.
The merger will see DPP becoming part of Compass’s expansive network, but retaining its local focus. The firm will now be known as DPP @ Compass.
Penner and Deasy will remain integral to the group and both will continue to contribute to its growth.
“This alliance enables us to continue delivering an intimate and highly localized service supported by the industry’s only end-to-end platform and a national agent network,” Penner said in a statement to HousingWire.com
The financial terms of the deal were not disclosed. Steve Murray, partner at RTC Consulting in Colorado, represented DPP in the transaction.