Corcoran Global Living (CGL) is acquiring Discovery Bay Properties, an East Bay, California-based brokerage and former Intero franchisee with roughly 100 agents, the company announced Tuesday.
With the acquisition, Corcoran’s largest and first franchisee now says it has more than 600 agents across 18 offices and combined sales of more than $3.5 billion.
“CGL is a powerhouse on the west coast, and we’re thrilled to welcome Discovery Bay Properties to the CGL family,” Pamela Liebman, Corcoran’s president and CEO, said in a statement. “CGL’s expansion will inevitably create new opportunities for our rapidly growing franchise network and our entire agent community, and the forward-thinking outlook on growth is so well-aligned with our priorities at Corcoran.”
LeeAnn and Bryan Hogge, the founders and co-owners of Discovery Bay Properties, will stay with the company and serve as partners with Corcoran Global Living. Discovery Bay Properties, based in the East Bay and Contra Costa regions of California, focused on waterfront homes in the area.
CGL was launched earlier this year, when massive indies Zephyr Real Estate in San Francisco and Oliver Luxury Real Estate in Lake Tahoe and Reno, Nevada, decide to affiliate with Corcoran, a Realogy-owned brand. In late June, the brokerage acquired Impact Real Estate in Temecula, California.
“We couldn’t be happier that Corcoran Global Living is growing even more in California,” Michael Mahon, CGL’s founder and CEO, said in a statement. “Today’s announcement again proves our overall commitment to growth in the region and growing our incredibly talented group of real estate professionals.”
The global pandemic hasn’t slowed Corcoran’s overall franchise growth. In early July, Corcoran launched Corcoran County Living, the sixth Corcoran affiliate to launch in the U.S. since the beginning of 2020 and the second to be launched virtually due to the COVID-19 pandemic.
The acquisition is the latest in a long trend of consolidation that’s hit the Bay Area in recent years, all the way back to when Intero Real Estate was acquired by HomeServices of America in 2014. More recently, Compass scooped up top Bay Area brokerages, Pacific Union International, Alain Pinel Realtors and Paragon Real Estate.