FOR IMMEDIATE RELEASE

Contact:

Stephen T. Larkin

212.848.0446    

slarkin@corcoran.com

Diane Saatchi: Back in the Broker Seat

NEW YORK, NY – MARCH 16, 2005 - The Corcoran Group announced today that Diane Saatchi has stepped down from her position as vice president of finance on the East End to resume selling real estate as a senior vice president in Corcoran’s East Hampton office located at 78 Main Street.  Corcoran acquired Saatchi’s East End brokerage Dayton-Halstead one year ago today.

“This is a very exciting moment for me because when I sold my company my intent was always to become a broker again,” says Saatchi, who first started selling East End real estate in 1988.  “One year after the sale I know I made the right decision.  I am proud I sold to Corcoran, and even more proud to continue working as an agent for what is by far the most sophisticated brokerage on the East End, if not the country.”

Pamela Liebman, president and chief executive for Corcoran, says she is grateful for the guidance which Saatchi provided over the last 12 months.  “Diane has been an invaluable part of out team as we established roots on both the North and South Forks and I am thoroughly delighted to have her join our highly regarded team of agents.”

Michael Daly who heads Corcoran’s East End operations adds, “Diane’s leadership will be missed, however, I suspect such nostalgia to be short-lived as her selling prowess and skill will be most welcome in what is a highly intense home buying market.”

Saatchi began her real estate career in 1988 as a sales associate with a small East Hampton agency and after 3 years left that agency to become president and managing partner of E.T. Dayton overseeing one office and 2 agents.  Saatchi was the first East End brokerage to join forces with a Manhattan based firm. In 1994, in a venture between E.T. Dayton and The Halstead Property Company, Dayton-Halstead was formed. Over the next 13 years, Dayton-Halstead presided over some of the biggest sales in East End history and pioneered many industry practices commonplace today such as being the first brokerage to hire both a public relations firm and advertising agency.  When Saatchi sold to Corcoran last year, Dayton Halstead had offices in East Hampton, Bridgehampton and Sag Harbor, and 45 full time sales associates.

In 2000 Saatchi was Named Broker of the Year by the Hamptons and North Fork Realtors Association of which she served as a board member for five years.

A graduate of Columbia University, prior to entering real estate, Saatchi practiced Occupational Therapy specializing in psychiatric rehabilitation at several top medical institutions including Cornell University Medical Center, Westchester Division, where she directed the Department of Therapeutic Activities. Saatchi taught as an adjunct professor at New York University and was on the facilities of Columbia University College of Physicians and Surgeons, Cornell Medical College and State University of New York at Downstate Medical College.

Saatchi lives in East Hampton and Manhattan with her husband, the sculptor David Saatchi and can be reached at diane.saatchi@corcoran.com or 631.324-6900, x 228