Mayi and Daniel de la Vega sold One Sotheby’s International Realty to Sotheby’s International Realty Inc., which is under the Compass International Holdings umbrella.
Sotheby’s International Realty, led by Philip White, acquired the Miami-based firm and its franchises that span the entire east coast of Florida and in Princeton and Lambertville, New Jersey, according to statements from the brokerage’s executives. One Sotheby’s has 31 offices from Miami to Jacksonville, and more than 1,300 agents.
The firm said it’s been involved in sales totaling more than $10 billion.
The acquisition marks the largest in South Florida in years and is another sign of increased consolidation in the residential brokerage business. A decade ago, the Pappas family’s Keyes Company acquired Illustrated Properties, creating one of the biggest independent firms in Florida.
One Sotheby’s, founded in 2008, is led by CEO Daniel de la Vega and his mother, executive chair Mayi de la Vega. They will stay in their respective roles. Daniel was named CEO earlier this year as part of a long-term success plan.
One Sotheby’s declined to disclose terms of the sale. Holland & Knight and Montminy & Co. advised on the deal, according to a press release.
The firm has been the top Sotheby’s affiliate in the state, expanding via acquisitions over the years. The company also a strong new development division, and is working on sales of condo projects that include the St. Regis Residences, Miami, Anantara Residences and the Nobu-branded 619 Brickell development.
The Sotheby’s International Realty brand was under the Anywhere Real Estate umbrella until Compass closed on its acquisition/merger of Anywhere in January. Compass International, led by Robert Reffkin, now controls brands that include the Corcoran Group and Coldwell Banker.
Mayi de la Vega said in a statement that the acquisition was a testament to the company’s “collective achievements and an exciting opportunity to build upon our success with an even greater platform for growth,” while Daniel de la Vega said the deal gives One Sotheby’s agents more tools and a greater reach “without compromising the boutique feel, agility and hyper-local expertise that define who we are.”
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