Sotheby's International Realty Brand Enters Australia With Sydney Sotheby's International Realty

PARSIPPANY, NJ and SYDNEY, AUSTRALIA--(Marketwire - Aug 22, 2012) - Sotheby's International Realty Affiliates LLC today announced its entrance into Australia with the signing of an exclusive 25-year master franchise agreement with Michael Pallier to develop the Sotheby's International Realty® brand in Australia's New South Wales market, with its first office set to open in Sydney in September 2012.

The firm will operate as Sydney Sotheby's International Realty, with Pallier serving as owner and managing director of the company. Pallier spent the last 11 years as a principal and the licensee of Raine and Horne Double Bay in Sydney, and was a top selling principal for the network. The new Sydney Sotheby's International Realty offices will focus exclusively on luxury homes, apartments and high-quality farm, ranch and land markets in New South Wales and the Australian Capital Territory. The first office for New South Wales is located at Level 3, 45-51 Cross Street, Double Bay in Sydney. Additional offices are planned to open in Sydney's North Shore and the Central Business District between 2013 and 2015.

"Sydney is a strategically important market for the brand and this signing represents a key step forward in our overall growth plans across Australia," said Michael R. Good, chief executive officer, Sotheby's International Realty Affiliates LLC. "Michael Pallier has built a team of seasoned executives with talent and expertise. Under his leadership, we are confident that Sydney Sotheby's International Realty will bring quality service to clients in Australia and worldwide."

"Sydney Sotheby's International Realty will provide owners of high-end luxury properties in New South Wales and the Australian Capital Territory the best tools to attract premium buyers from around the world and showcase their properties to a global audience," said Pallier. "Clients of Sydney Sotheby's International Realty will have the ability to bring the world to their home. We strive to provide the very best in service and marketing for our clients, and we look forward to doing that with the Sotheby's International Realty brand's access to exceptional properties and exceptional people."

The Sotheby's International Realty network currently has more than 12,000 sales associates located in approximately 625 offices in 44 countries and territories worldwide. Sydney 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:

Kay Lee
Director, International Marketing, Asia
Sotheby's International Realty Affiliates LLC
One Campus Drive Parsippany, NJ 07054
m + 852.9851.5333
t + 1.973.407.4953
f + 1.866.746.2429

Michael Pallier
Managing Director
Sydney Sotheby's International Realty
Level 3, 45 - 51 Cross Street, Double Bay NSW 2028
m + 61.417.371.522
t + 2.8355.6783

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