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FAST-GROWING, LUXURY REAL ESTATE FIRM MORGAN LANE TO ACQUIRE PACIFIC UNION REAL ESTATE

San Francisco, Calif. (July 21, 2009) -- Pacific Union GMAC Real Estate (www.pacunion.com), one of Northern California's leading luxury real estate brands is being acquired by the principals of Morgan Lane Marin, Inc. (www.morganlanemarin.com), a fast-growing boutique real estate firm with operations in Marin county. The sale is expected to close in August.

Bucking the odds in a highly volatile, recession-stymied real estate market, Morgan Lane Marin has grown meteorically, from just $52 million in sales in 2006 to $315 million in 2008.

Combined, the two entities will have 17 offices, more than 430 real estate professionals and 2009 sales volume projected to be $2.2 billion, according to Mark A. McLaughlin, CEO of Morgan Lane.

The goal of the combined operations is to become the Bay Area's leading luxury real estate brand – an objective McLaughlin said will be achieved by retaining and recruiting the industry's top-producing professionals and leveraging resources and international marketing programs of Christie's Great Estates.

"It's a business philosophy that has proven itself at Morgan Lane in Marin County," said McLaughlin. "With Pacific Union's strong reputation and platform, coupled with Morgan Lane's agile and entrepreneurial local management and marketing methods, we have every reason to believe that we are well positioned to become Northern California's dominant luxury real estate brand."

For Pacific Union the acquisition brings the company full circle back to its roots three decades ago, restoring it to a locally owned and operated, high-end boutique brokerage.

"This is great news for Pacific Union, as it will now return to local ownership,” says Avram Goldman, CEO of Pacific Union. "These are two highly regarded companies with similar cultures.” Adds Goldman, "Pacific Union is already well positioned as a leading Bay Area real estate company. By joining forces with Morgan Lane, we have a tremendous opportunity to expand both companies' presence and further dominate in the regions we serve.”

Company officials are confident the acquisition will combine the best assets from two of the Bay Area's preeminent luxury brokerage firms.

"It is an amazing opportunity to expand geographically with a company that is likeminded,” said McLaughlin. "Both Pacific Union and Morgan Lane have well-earned reputations for providing extraordinary service to home buyers and sellers throughout Northern California. We intend to further strengthen the organization by providing local, hands-on management with the appropriate resources for growth,” said McLaughlin.

The companies' leadership team will be led by McLaughlin, with Goldman serving as strategic advisor for both organizations.

McLaughlin is a highly accomplished and respected real estate executive whose experience includes senior management roles with Colliers International, Jones Lang LaSalle, LoopNet, and Sperry Van Ness International. He, with his experience and vision, combined with the seasoned group of Pacific Union and Morgan Lane executives, will make up a formidable leadership team.

McLaughlin stressed that management's job is to support its real estate professionals in every way possible. "Our professionals have access to the finest marketing programs including Internet and new media strategies, print advertising and direct marketing. For our clients, it means increased exposure of their homes for sale on a regional, national and international level, with a greater connection to high net worth individuals and investors,” said McLaughlin.

The two companies will continue to operate under their existing names, as independently owned and operated franchised companies within Brookfield Residential Property Services' U.S. real estate network

Pacific Union will continue to be managed locally by its existing team of executives. Its thirteen offices are located in Berkeley, San Francisco (Opera Plaza), San Francisco (Presidio), Danville, Larkspur, Mill Valley (downtown), Mill Valley (Strawberry), Montclair, Napa Valley (Napa), Napa Valley (St. Helena), Orinda, Sonoma and Sonoma Plaza.

Morgan Lane specializes in the marketing of luxury properties in the North Bay area. Relying on smaller, boutique-oriented offices to better serve its luxury clientele, the company has four offices. These include: Kentfield, Ross, Mill Valley and Belvedere.

Terms of the purchase were not announced.

About Morgan Lane
Morgan Lane Marin (www.morganlanemarin.com) was founded in 2006, and is a fast-growing real estate brokerage firm specializing in luxury properties in Marin County. The company's team philosophy and unique marketing and advertising strategies distinctly set it apart from other real estate firms. Its real estate professionals consistently outperform market standards by achieving the highest average sales price and the lowest average days on market.

About Pacific Union Real Estate
Since 1975, Pacific Union Real Estate (www.pacunion.com) has thoughtfully matched generations of buyers and sellers throughout the entire Bay Area. Pacific Union focuses on delivering outstanding quality and unparalleled service to a full spectrum of discerning clients. It has been an innovator in delivering new technology applications designed to enhance the experience of both home buyers and sellers. Pacific Union is associated with Christie's Great Estates, an international network of independent companies that specialize in marketing luxury residential real estate.