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 |
