FOR IMMEDIATE RELEASE
Merger Creates Largest Sotheby’s International
Realty® Network Member
PARSIPPANY, N.J. (June 4, 2008) – Sotheby’s International
Realty Affiliates LLC today announced that Equitable Sotheby’s
International Realty in Scottsdale, Ariz., will merge with Arizona’s
legendary real estate icon, Russ Lyon Realty Company, to create
the brand’s largest network member.
The newly-created firm will do business as Russ
Lyon Sotheby’s International Realty, with nearly 1,000 agents
serving the Scottsdale and Phoenix metropolitan areas as well
as Flagstaff, Prescott and Sedona.
John N. Vatistas, owner, Equitable Sotheby’s International
Realty, now is co-owner and co-chairman of Russ Lyon Sotheby’s
International Realty. His firm’s chief executive officer and
designated broker, Dominic Scappaticci, will serve in the same
role for the new company.
Russ Lyon Realty Company’s Jim Lyon succeeds his
father, Dennis Lyon, and now serves as co-owner and co-chairman
of the new company. Todd Gillenwater, Russ Lyon’s current designated
broker for its Northern Arizona operations, will serve as president.
“Luxury real estate in Arizona is a very attractive
market for Sotheby’s International Realty clients globally,”
says Michael R. Good, president and chief executive officer,
Sotheby’s International Realty Affiliates LLC. “We are very excited
about the merging of these two outstanding firms that match our
brand’s focus on exceptional client service.”
Vatistas founded Equitable Real Estate in 2005,
and in October 2007 it became the first Arizona real estate firm
to affiliate with the Sotheby’s International Realty brand,
doing business as Equitable Sotheby’s International Realty.
“This collaboration brings to the table Russ Lyon’s
six decades as a dominant force in Arizona’s luxury home real
estate market and the Sotheby’s International Realty brand’s
years of serving affluent clients around the world,” said Vatistas.
“We consider ourselves now the only option for luxury real estate
in the state of Arizona.”
Russ Lyon Realty Company was founded in 1947 by
Russ Lyon, Sr. It evolved into a state-wide professional real
estate company operating 10 offices in Arizona’s Valley and four
independently-owned and operated franchises in Prescott, Sedona
and Flagstaff.
“We merged with Equitable Sotheby’s International
Realty to create a powerhouse brand by incorporating their world-renowned Sotheby’s
International Realty affiliation, their technology and their
entrepreneurial spirit, which together with our solid tradition
of excellence, creates a synergy that is unmatched in service
to our associates and clients,” said Jim Lyon.
The Sotheby’s International Realty network
currently has more than 9,000 sales associates located in more
than 470 offices in the United States and 29 other countries
and territories. Russ Lyon Sotheby’s International Realty listings
will be marketed on the sothebysrealty.com global Web site. In
addition to more referral opportunities and widened exposure
generated from these sources, the firm will benefit from an association
with the Sotheby’s auction house and worldwide Sotheby’s
International Realty marketing programs.
Russ Lyon Sotheby’s International Realty’s main
office is located at 8700 N. Gainey Center Dr., Suite #150,
Scottsdale, Ariz., 85258 and can be reached at (480) 778-8000.
About Sotheby’s International Realty Affiliates
LLC
Founded in 1976 to provide independent brokerages with a powerful
marketing and referral program for luxury listings, the Sotheby’s
International Realty network was designed to connect the
finest independent real estate companies to the most prestigious
clientele in the world. In February 2004, Realogy Corporation,
a global provider of real estate and relocation services, entered
into a long-term strategic alliance with Sotheby’s, the operator
of the auction house. The agreement provided for the licensing
of the Sotheby’s International Realty name and the development
of a full franchise system by Realogy’s subsidiary, Sotheby’s
International Realty Affiliates LLC. Affiliations in the system
are granted only to brokerages and individuals meeting strict
qualifications. Sotheby’s International Realty Affiliates LLC
supports its affiliates with a host of operational, marketing,
recruiting, educational and business development resources. Franchise
affiliates also benefit from an association with the venerable
Sotheby’s auction house, established in 1744. For more information,
visit www.sothebysrealty.com.
MEDIA CONTACT
Jennifer Zimmerman
Director, Public Relations and Communications
Sotheby's International Realty Affiliates LLC
1 Campus Drive
Parsippany, NJ 07054
(973) 407-6375
Jennifer.Zimmerman@sothebysrealty.com |
