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 |
