Urban Compass Inc., doing business as Compass, agreed to purchase fellow real estate brokerage Bold New York, The Real Deal reported Feb. 16.

The deal was announced by Bold New York at its town hall meeting Feb. 16, according to the report. The transaction will accelerate its new development marketing division.

Bold New York CEO Jordan Sachs could not immediately be reached for comment, while Compass did not immediately return a request for comment, the report noted.