Sotheby's International Realty Brand Enters Naples Market With Premier Properties

PARSIPPANY, NJ--(Marketwire - November 12, 2010) - Sotheby's International Realty Affiliates LLC today announced that Premier Properties of Southwest Florida, Inc., in Naples, Fla., has joined its luxury real estate network and now will do business as Premier Sotheby's International Realty. Premier Sotheby's International Realty will continue to be a wholly owned subsidiary of The Lutgert Companies, with Scott F. Lutgert as chairman.

"It has been our long-held objective to bring the Sotheby's International Realty brand's services to Naples," said Michael R. Good, chief executive officer, Sotheby's International Realty Affiliates LLC. "Our goal was to find the ideal company to represent us in this critically important luxury real estate market, and I believe we have done that. Our worldwide network of affiliates now can benefit from this additional valuable source of referrals, and consumers in this market now will have access to our global reach."

Premier Sotheby's International Realty and its team of 225 professionals join the Sotheby's International Realty network's more than 11,000 sales associates located in approximately 500 offices in 42 countries and territories worldwide.

"This is a long-term strategic move and will serve to solidify our corporate footprint and reach," said Lutgert. "We're extremely proud of the reputation for excellence that we've created, and we look forward to our new affiliation with the Sotheby's International Realty brand. In addition to extending our immediate geographic reach, this affiliation will enhance our ability to serve our luxury clients and is a major milestone for The Lutgert Companies."

In a related transaction, Premier Properties of Southwest Florida also has entered into an agreement to acquire a majority interest in Signature Sotheby's International Realty, effective Nov. 15. The firm will continue to operate as Signature Sotheby's International Realty in Sarasota and Manatee Counties under the leadership of Judy Green, its current president and chief executive officer, who will now serve in a dual role as president and chief executive officer for Premier Sotheby's International Realty.

According to Green, the Signature Sotheby's International Realty team looks forward to joining forces with the Premier Properties organization and the Lutgert family. "This is a story of two luxury real estate leaders bringing together their complementary strengths," said Green. "The result, we believe, will be a new energy within our company and an increasing competitive advantage in the Naples and Sarasota markets combined as we look to the future. In our new organizational structure, Premier Sotheby's International Realty and Signature Sotheby's International Realty will enjoy the No. 1 market share position for transactions more than $1 million in southwest Florida from Longboat Key to Marco Island."

Premier Sotheby's International Realty and Signature Sotheby's International Realty listings will be marketed on the www.sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firms' brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs.

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.

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