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
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