Sotheby's International Realty Brand Enters Israel

PARSIPPANY, NJ and TEL AVIV, ISRAEL--(Marketwire - Apr 23, 2012) - Sotheby's International Realty Affiliates LLC today announced the opening of Israel Sotheby's International Realty, servicing Tel Aviv.

The firm's owners, Tomer and Isidora Fridman and Orna Gotslak, will first serve the Tel Aviv market from their existing office in Givatayim. They plan to open a second location in Tel Aviv later this year that will serve as their main office. The team has an exclusive 25-year master franchise agreement with the Sotheby's International Realty® brand for Israel and plans to also open additional offices in key markets across the country over the next several years.

"Israel is a critical part of our growth plan as it represents an extremely important destination in the Middle East," said Michael R. Good, chief executive officer, Sotheby's International Realty Affiliates LLC. "Tel Aviv is a melting pot of cultures that continues to expand dramatically. It is the financial capital of Israel and a major performing arts and business center with the second-largest economy in the Middle East. I am confident the firm's strong leadership will bring quality service to Sotheby's International Realty clients worldwide."

Tomer Fridman believes the new company fulfills Israel's need for a strong global real estate presence. "Israel has long been one of the top-performing real estate markets in the world," he said. "With its close proximity to Europe, it has become a very popular destination for second-home ownership. The country offers numerous internationally renowned ultra-exclusive residential projects by legendary architects including Richard Meier, and brands such as the Residences at the Ritz-Carlton, which is opening its first property in Israel. There is an overwhelming demand for luxury and high-end projects within the country, and we are poised to meet that need. A luxury real estate brokerage company with a strong international network of hundreds of offices and thousands of sales professionals worldwide is unprecedented here. When you also consider our association with the iconic Sotheby's auction house, Israel Sotheby's International Realty is sure to be a prolific force within our country's real estate arena."

The Sotheby's International Realty network currently has nearly 12,000 sales associates located in approximately 600 offices in 45 countries and territories worldwide. Israel Sotheby's International Realty listings will be marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's 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.

Contacts:

David Russell
Director, International Marketing and Public Relations
Sotheby's International Realty Affiliates LLC
Thorpe Hall, Fylingthorpe, YO22 4TT
United Kingdom
+ (44) 208 123 1985

Tomer Fridman
Vice President
Israel Sotheby's International Realty
45 Rambam St
Givatayim, Tel Aviv, Israel
+972 3731 3381

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