San Francisco-based brokerage Pacific Union is delving deeper into the new home market sales and marketing of condos and new developments through its purchase of The Mark Company, set to complete on November 2.
Founded in San Francisco in 1997, The Mark Company specializes in providing top-tier marketing and sales support to a growing market of new urban developments throughout the Western U.S.
“We believe the combined strength of Pacific Union with The Mark Company, the most outstanding brand in the marketing and sales of new-construction homes, will create a new force in residential and mixed-use development marketing and sales,” said Mark McLaughlin, CEO of Pacific Union.
“The accelerated growth of new condominium housing in the San Francisco, Seattle and Los Angeles markets make this acquisition essential to Pacific Union’s vision for continued success,” he added.
Pacific Union set up Pacific Union Sales + Marketing in April this year, a business unit that specializes in selling new urban condominiums and homes throughout the West Coast. In launching the business, Pacific Union researched the two big market players, one of which was The Mark Company.
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“This is one of the best-known brands in the country, and it would have taken us three to four years to be able to compete with them,” said McLaughlin.
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“And it was a cultural fit. Both firms have such great networks,” he said. Mark Company founder Alan Mark worked in the Pacific Union brand some 18 years ago.
McLaughlin sees the new acquisition as an opportunity to expand Pacific Union’s service to Chinese developers and investors.
“I think with our China connections, we will definitely try and take the property condo marketing business team to China. We can express the opportunity directly to investors there that know us through our China concierge company,” he said.
He stressed The Mark Company will keep its name and its office in San Francisco. The staff from Pacific Union Marketing + Sales will dovetail into the firm, joining the 20-plus staff at The Mark Company, which has a further 25 contractors.
The deal will open Pacific Union up to opportunities in the resort market as well, said McLaughlin.
He wouldn’t comment on further acquisition plans but is an advocate of growth through acquisition. In April, Real Trends ranked Pacific Union as the ninth-largest residential real estate brokerages in the U.S. based on 2014 sales volume of $6.75 billion.