Newly Formed Prudential Arizona Properties to Open Office in Phoenix.

Business Editors/Real Estate Writers

IRVINE, Calif.--(BUSINESS WIRE)--May 31, 2001

New Office On Prudential's Phoenix Campus to Serve Burgeoning Phoenix

and Scottsdale Real Estate Markets

The Prudential Real Estate Affiliates Inc. has announced that Prudential

This new office will serve the greater Phoenix and Scottsdale areas, and is already staffed with more than 40 real estate professionals, most with over a decade of real estate experience in the area.

"We are firmly committed to growing in the Arizona marketplace -- and the new office is just one step we are taking to continue to serve our customers throughout Arizona," noted Earl Lee, president, The Prudential Real Estate Affiliates Inc. "Margaret Dixon, broker/owner of Prudential Arizona Properties, has exceptional leadership skills and a commitment to service that is second to none. Real estate professionals throughout Arizona have heard of her vision, and have joined to be a part of creating a new choice for consumers in the greater Arizona market."

"We are thrilled to be able to expand into Phoenix and Scottsdale," said Dixon. "By combining the fine homes expertise of our Gold Canyon real estate professionals with the local expertise of our new and existing real estate professionals in the Phoenix and Scottsdale areas, we expect to bridge the two markets -- and provide the home buying and selling consumer with the best service possible."

The new office is located on Prudential's existing 42-acre Kierland campus at the corner of Scottsdale Road and Frank Lloyd Wright Boulevard. In keeping with Prudential's commitment to the Phoenix market and community, this campus also houses Prudential Real Estate and Relocation Services' global relocation service center, as well as other Prudential insurance and financial operations, thus providing an opportunity for local consumers to receive a full range of Prudential services.

Prudential Gold Canyon Realty began over 40 years ago as Farnsworth Realty, and in 1997 affiliated with Prudential as Prudential Farnsworth Realty. Dixon, Farnsworth's number-one sales professional, purchased the franchise from the Farnsworth family in 1999 and changed the name. Under her leadership, the company more than quadrupled in size in just two years, and moved into a new building at the gateway to Gold Canyon. Her commitment to delivering the highest level of real estate service and exceeding customer service expectations is a passion that she shares with her team.

Over the years, the company has been a leader in the Gold Canyon fine homes market, with more than a 50 percent market share. This success is due partly to the relationships forged with developers in the area. By partnering with developers before and during the construction phase, Dixon and other Prudential Gold Canyon Realty sales professionals have been able to secure exclusive sales and marketing relationships in some very high-profile housing developments. These include: Quail Canyon, Mountain Whisper, Tesoro at Dinosaur Mountain, Oro at Gold Canyon, Hermosa Hills, Gold Canyon East, Vista del Corazon, and Hieroglyphic Trails, among others.

Dixon received her real estate license in 1975, and immediately went to work in her parents' San Francisco-based real estate company, Trinity Company Real Estate, founded in 1939. Her father, Ralph Arent, built his business on the beliefs of skill, stability and integrity -- philosophies that Dixon has credited for much of her own success. When Arent retired in the 1980s, he was honored for holding the longest continuous California broker's license.

Dixon relocated to Arizona in 1995. Since 1997, she has continually received the prestigious Prudential Real Estate Affiliates Chairman's Circle Award, which recognizes the top one percent of sales professionals within the Prudential Real Estate Network. She was also honored in 1998 and 1999 with Prudential Real Estate's highest award for sales achievement, "PREA 100." This placed Dixon in the top 100 of over 42,000 sales associates across North America.

The phone number for Prudential Arizona Properties is 480/505-6300.

About Prudential Real Estate and Relocation Services

Prudential Real Estate and Relocation Services is an integrated real estate and relocation business and consists of two entities: The Prudential Real Estate Affiliates Inc., and Prudential Relocation.

As of Dec. 31, 2000, there were over 1,550 offices and 42,000 sales professionals in the franchise Network, which generated a sales volume of $96.0 billion in 2000. The franchisees generally are independently owned and operated. The Prudential Real Estate Affiliates Inc., began offering franchises in 1988 and is now one of the largest real estate brokerage franchise networks in North America.

Prudential Relocation is the second largest provider of comprehensive global relocation services in the United States according to Relocation Information Services, as of Dec. 31, 2000. In 2000, Prudential Relocation completed over 196,000 service transactions to more than 56,000 transferees of its corporate clients. Prudential Relocation has an established client base ranging from Fortune 500 companies to U.S. government agencies. Prudential Real Estate and Relocation Services can be found at www.prudential.com.