An El Segundo commercial brokerage will leave Southern California and move its headquarters to Tennessee.
Matthews Real Estate Investment Services, founded seven years ago in the South Bay, will move its corporate office to Nashville, the Los Angeles Business Journal reported.
The company, which has grown to more than 400 employees, has 14 offices across the U.S., according to its website. It specializes in smaller transactions. The website says it has completed more than 11,000 real estate sales worth more than $29 billion for an average transaction size of about $2.6 million.
Executives say the move to the Volunteer State will allow the brokerage to beef up its presence in the Southeast. The company also named Phoenix as its operations and technology hub, creating a National Operations Center in Arizona.
Kyle Matthews, the company’s CEO, and Raddie Zlatkov, its CFO, are based in Nashville. Duerk Brewer, its COO, and Sean Clancy, Matthews’ chief technology officer, are based in Phoenix.
“Both of these offices offer critical support functions to our agents and clients across the country,” Brewer said in a statement. “The Phoenix and Nashville markets are experiencing tremendous growth, giving us access to a robust workforce and allowing faster development in key business regions.”
Matthews added that the move would benefit all areas of the company’s business, with both Phoenix and Nashville conducive to attracting and maintaining top professional talent. He said both cities will encourage greater employee job satisfaction, while offering a more affordable cost of living. Matthews will continue to maintain a presence in L.A.
It’s not the first real estate firm to leave Los Angeles. CBRE Group, founded in 1906 in San Francisco and then relocated to Los Angeles, decided to move its headquarters to Dallas in late 2020. The headquarters move didn’t impact a large number of jobs at the world’s largest real estate firm, according to the Business Journal.
[Los Angeles Business Journal] – Dana Bartholomew
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