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.
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