In the latest real estate transaction, Partners Trust Real Estate Brokerage & Acquisitions has purchased Areté Estates.
Areté, headquartered in Malibu, California, is a real estate brokerage group that focuses on representing high net-worth clients and properties. The company's headquarters will rebrand as Partners Trust and serve as the buyer's sixth location in the greater Los Angeles area. Terms of the deal were not disclosed.
Partners Trust also has Beverly Hills, Santa Monica, Brentwood and Pasadena locations. The group provides real estate brokerage services to clients in California.
The news comes after several other real estate transactions, including commercial real estate investor CBRE Group Inc.'s (NYSE: CBG) deal for Preuss Gesellschaft MbH, a German real estate developer. and Ares Management LP's (NYSE: ARES) deal for the majority stake in real estate developer London Square for about $189 million.