Former NAI Global chairman Jay Olshonsky is back in the saddle at the head of a major brokerage after teaming up with Sea Glass’ Nick Van Assche to acquire global network Sperry Commercial Global Affiliates.
Olshonsky and Van Assche bought Sperry, a franchise for independent commercial real estate firms, from Rand Sperry, who remains as chairman emeritus of the organization. Terms of the transaction that closed Dec. 31 were not disclosed.
With the deal, Olshonsky and Van Assche, the group’s managing partner and predominant owner, now have a large residential and commercial real estate brokerage under one partnership, the pair told CoStar News in an interview.
The goal now, Olshonksy said, “is to work with the existing senior people that are in place and to grow both these organizations.” In addition to being a partner in Sperry, he has been named CEO of both Sperry and Sea Glass.
Sperry and Sea Glass, unlike some of the largest residential and commercial brokerage, will focus on its franchisees, Van Assche said.
"We know what we're not, right? We're not eXp. We're not Compass. We're not JLL. We're not Keller Williams," he said. "Those are phenomenal business models. They're just not who we are. We're going the franchise route. We're looking to support the independence."
While Sperry already has over 40 franchises across the U.S., Australia and Poland, the goal isn’t necessarily to become one of the biggest brokerages on the block, Olshonsky said.
“If that happens wonderful, but that’s not the business plan to take on the giants,” he mused. “It’s to stay in our lane, make a lot of money, and add additional franchises,” he added.
Olshonsky's return
It's the latest chapter for Olshonsky, who initially began his career as a broker around Washington D.C., and Baltimore in the 1980s. Since then, he's served as a managing director at CBRE, where he was responsible for team of over 75 brokers before leaving in 2009 to lead NAI Global. The brokerage bills itself as the largest independent broker organization in the world, according to its website, employing over 5,000 professionals in 65 countries. It consistently generates over $20 billion in transaction volume annually.
It was during Olshonsky's tenure at NAI Global that he and Van Assche initially met. After leaving his role as chairman in August 2024, Olshonsky joined Sea Glass in an advisory capacity. In September of that same year, he began building the residential side of the brokerage, Olshonsky added.
As the pair worked together, Sea Glass had already launched its own expansion in the mainland U.S., The lifestyle-focused residential brokerage, headquartered in the U.S. Virgin Islands has been steadily growing its presence in markets that include Wilmington, North Carolina; Charleston, South Carolina; Rockport, Texas; St. Petersburg, Florida; and Martha’s Vineyard, Massachusetts.
As for the Sperry acquisition, that “was a very quick deal,” Olshonsky said. A year after starting work with Sea Glass, Olshonsky met with Rand Sperry and Mark Hinkins at the National Association of Realtors’ C5 conference in Chicago.
“One thing led to another,” Olshonsky said. When the idea of acquiring Sperry came up, the proposal aligned with both the short- and long-term plans Olshonsky and Van Assche had been working on at Sea Glass.
Although the two companies will remain separate brands, Sperry and Sea Glass will seize on opportunities where working together makes sense and results in more efficient operations.
“Historically, I've grown via acquisition … I'm very comfortable with it” Van Assche said — there are multiple opportunities for synergies between the two firms, the executives explained.
Commercial and residential brokers could learn from each other, connect with new clients — or existing ones, and work together in new ways. The business itself can operate within a coordinated insurance, legal or accounting department, and potentially share franchise documentation, Olshonsky said.
“We already have the marketing department of Sea Glass talking to the leadership at Sperry,” he said.
The Sperry leadership includes Sperry, Olshonsky, Van Assche and Mark Hinkins, who will remain president of Sperry. Also, Raegan Rascoe will remain manager of franchise operations for Sperry and oversee operational performance and franchisee support.
Moving forward, the team is looking for “sustainable growth,” said Van Assche.
“The goal is its business as usual to enhance everything we are doing currently,” Olshonsky concluded.