Executives from Sotheby’s International Realty, local affiliate Gibson Sotheby’s International Realty and Benoit Mizner Simon & Co. Pose for a photo at the Wellesley Country Club following the announcement of Gibson Sotheby’s purchase of Benoit Mizner Simon. Photo courtesy of Kat Hanafin Photography.

Gibson Sotheby’s International Realty announced further expansion into the Boston MetroWest residential real estate marketplace Friday with the acquisition of Benoit Mizner Simon & Co., a firm with nearly 80 agents and offices in Wellesley, Weston, Needham and Sudbury. Benoit Mizner Simon & Co.’s offices and talent are the latest additions to Gibson Sotheby’s International Realty’s unified network of associates serving Boston, Greater Boston, the North Shore, the South Shore and Cape Cod. 

Terms of the deal were not disclosed.

“This particular [brokerage] is a diamond in the rough,” Larry Rideout, chairman & co-owner of Gibson Sotheby’s International Realty said in an interview. “It was a market we weren’t particularly in, and for them and us to come together gives us a huge opportunity.”

Founded in 2010 by Principals Debi Benoit, Amy Mizner and Sheryl Simon, Benoit Mizner Simon & Co. specializes in luxury properties across Dover, Natick, Needham, Sudbury, Wayland, Wellesley, Weston and Westwood. With the addition of Benoit Mizner Simon & Co., which has achieved more than $4 billion in sales revenue since its inception, Gibson Sotheby’s International Realty increases market share in the residential luxury, new construction, and land development sectors throughout the MetroWest region. 

“For a locally-rooted company, Gibson Sotheby’s International Realty’s reach is truly global,” Debi Benoit, principal of Benoit Mizner Simon & Co., said in a statement. “Combining our esteemed local reputation with Gibson Sotheby’s International Realty’s access to international markets will ensure the properties we represent receive the extensive exposure they deserve. Gibson Sotheby’s International Realty brings unrivaled global connections, while we bring a premier reputation in the MetroWest communities – a winning combination for us all.” 

In an interview with Banker & Tradesman, Benoit said that her firm had fielded inquiries from “many suitors” over the course of 2019.

Rideout told Banker & Tradesman that the deal will help strengthen Gibson Sotheby’s presence in other luxury markets in Eastern Massachusetts, as MetroWest-area Baby Boomers seek to sell their homes and retire to condominiums and apartments in the city, while Millennials living in the urban core seek to buy high-end homes in the suburbs. Following its acquisition of a Cape Cod luxury brokerage last year, Gibson Sotheby’s also found many MetroWest residents also seek out high-end second homes on the Cape and Islands.

“They’re a high-quality office with a lot of respect in that [MetroWest] marketplace,” Rideout said.

Rideout said the combination wasn’t a defensive acquisition on Gibson Sotheby’s part, and cast it as a natural pairing of two luxury-focused brokerages.

“[Benoit Mizner Simon] is a high-end luxury company and they felt they were more comfortable with the high-end Sotheby’s brand than any other brand,” he said. “I keep stressing culture because it’s so important for us, and there are plenty of competitors who are all about cash, buying their way into a market. For us, it’s about integrating our agents into the Sotheby’s brand and growing them.”