Arizona: Realty Execs Have Not Made A Lease Payment Since October

04-23-2011 • AZcentral.com

Scottsdale-based Realty Executives Inc. has not made a lease payment on its Pinnacle Peak branch office building since October, according to a landlord complaint filed recently in Maricopa County Superior Court. The company, one of Arizona's largest residential real-estate agencies, recently vacated the property without notice, a violation of its lease agreement, according to the lawsuit, filed by building owner Saypo Cattle Co. Richard Rector, Realty Executives owner and executive chairman said through a company spokeswoman that Realty Executives, like most other real-estate firms, has experienced financial losses in the past two years and has been working to renegotiate several of its office lease agreements in an effort to cut costs.