Jameson takes over Sotheby's brand from Sudler

(Crain's)— Sotheby's International Realty Affiliates LLC has signed a franchise agreement with Jameson Real Estate LLC, replacing a deal with Sudler, a firm led by investor Sergio Martinucci.

Jameson is changing its name to Jameson Sotheby's International Realty and becomes part of the Sotheby's network, Chris Feurer, CEO of Chicago-based Jameson, says in an email. The agreement with Jameson was signed on Monday night and is effective on Tuesday, he says.

Jameson has about 250 agents and one office at 425 W. North Ave.

Sudler is no longer affiliated with Sotheby's, Jameson says.

The deal is another blow to Mr. Martinucci's holding company, McNair Inc., whose brokerage operation had been called Sudler Sotheby's International Realty.

Mr. Martinucci, a key Sudler investor and former CEO, didn't return a message. The current CEO, Cliff Perotti, didn't return a message.

It could not be determined why Sotheby's franchise agreement with Sudler ended, but the local real estate firm has struggled since acquiring a rival brokerage in 2009.

It is uncertain how the change will affect Mr. Martinucci's efforts to find a buyer for the brokerage.

Related story: Felon says he's in talks for Sudler Sotheby's stake

A Sotheby's spokeswoman referred questions to Jameson executives. Mr. Feurer was not available for an interview.

Jameson was founded in 1982 by longtime developers Charles and Harry Huzenis. The brothers turned over control of the firm in August 2008 to a venture led by Mr. Feurer and Mike Sato, Jameson's president. Messrs. Feurer and Sato had been agents at the firm now known as Koenig & Strey Real Living.

A subsidiary of New Jersey-based Realogy Corp., Sotheby's has more than 11,000 sales associates in roughly 500 offices worldwide.