ONE Sotheby's International Realty, which opened an office on the barrier island in 2019, has been acquired by its franchisor for an undisclosed amount. Vero agents were told about the ownership change on Sept. 9, the same day the transaction closed. The acquisition comes amid rapid consolidation in the real estate industry.

Founded in Miami in 2008, ONE Sotheby's is a fast-growing $6.85-million brokerage with 1,300 agents in 31 offices stretching from Miami to Jacksonville. It was a franchise of Sotheby's International Realty, which now owns it.

Company officials say the brokerage, including the Vero office, will continue to operate with the same name, leadership, agents and company culture, but with enhanced technology and transactional reach.

With approximately 90 agents, ONE Sotheby's Vero office is one of the top 32963 brokerages, home to the island's leading luxury team, O'Dare Boga Dobson.

Sotheby's International Realty is huge, with 26,000 agents operating out of 1,100 offices in 86 countries and territories. It has about 170 company-owned brokerages, now including ONE Sotheby's, along with hundreds of franchise operations.

Sotheby's International Realty president and CEO Philip White said his company wanted to own ONE Sotheby's because it is a "high performing" business "grounded in strong leadership, deep market expertise and an unwavering commitment to their clients."

ONE Sotheby's leaders say the acquisition will benefit agents and clients.

"Our focus has always been to cultivate an environment where our advisors have every resource they need to deliver the highest level of service to their clients," Daniel de la Vega, ONE Sotheby's President & CEO, told Vero Beach 32963. "Aligning with Sotheby's International Realty, Inc. strengthens this foundation by providing our team in Vero Beach with direct access to world-class tools and elevated international reach without compromising the boutique feel, agility, hyper-local expertise and personalized service that define who we are."

Real estate companies have been consolidating at a dizzying pace in recent years.

ONE Sotheby's, founded as a single office by Mayi de la Vega in 2008, grew primarily by acquiring other Sotheby's franchises at a rapid rate over the decade. The company bought two Miami area brokerages in the mid-teens and picked up its first brokerage outside Miami in 2017, acquiring Coastal Sotheby's International Realty.

Buying Coastal, which was owned by a group that included golf legend Jack Nicklaus, extended ONE Sotheby's business into Palm Beach Gardens, Jupiter and Stuart. Two years later, the company bought Treasure Coast Sotheby's in Vero Beach.

Founded in 2010 by Michael and Kimberly Thorpe, Treasure Coast Sotheby's had likewise expanded via acquisition prior to being acquired itself. In 2016, it bought South Island Real Estate in Melbourne Beach.

That made it more attractive to ONE Sotheby's, which got two upscale coastal cities for the price of one when it acquired the Thorpes' business. By the time Sotheby's International Realty came calling, ONE Sotheby's had expanded up and down the East Coast of Florida, from Jacksonville and St. Augustine to Key Biscayne and Miami Beach.

The same day it acquired ONE Sotheby's, Sotheby's International Realty snapped up a second large franchisee, TTR Sotheby's International Realty, which did $5.7 billion in business last year in New Jersey and the Washington D.C. area.

With the two acquisitions, it added more than $12.5 billion in annual sales to its portfolio in a fell swoop.

Founded in 1976 to service clients of the famed auction house, Sotheby's International Realty itself was later taken in house by Realogy Holding Company.

In January, publicly traded Realogy, which changed its name to Anywhere Real Estate in 2022, was acquired in turn by Compass, along with all its subsidiaries, including Coldwell Banker, Century 21, Corcoran, ERA and Sotheby's International Realty.

Compass said the $1.6 billion merger extended "its reach into every major U.S. city and 120 countries, with a combined workforce of 340,000 real estate professionals globally," according to realtor.com, making it the largest real estate brokerage company in the world.

Agents at ONE Sotheby's office on A1A south of the 17th Street Causeway are included in that uber number, though the company will continue to operate separately from Compass.

"Our vision was to create a brokerage defined by exceptional people, a strong culture and a shared commitment to excellence," says Mayi de la Vega. "This milestone is a testament to our collective achievements and exciting opportunity to build upon our success with an even greater platform for growth."

"The feedback [from agents] has been exceptional," the company said in an email. "Our advisors are excited for this next chapter of growth. Our executives, including Mayi de la Vega, Daniel de la Vega and our entire Vero Beach leadership team and support staff, will remain on board.

"The acquisition provides Vero Beach advisors with enhanced resources and accelerated access to technology, while creating additional opportunities for collaboration, networking and business development across key reciprocal markets including New York City, Los Angeles, Houston, Washington D.C., Denver, and Park City. These tools and increased exposure will enhance the buying and selling experience for clients on a hyper-local and global level."

"I think it does cast a wider net in terms of international buyers and the most cutting edge technology," says ONE Sotheby's broker associate Cindy O'Dare.