Savills Studley, Inc. has rebranded as Savills Inc., aligning the U.S. arm of the business with its global platform , Savills plc.
“The transition builds on our 65-year legacy as the leading tenant advisory firm in the U.S.,” said North American chairman and CEO Mitchell S. Steir.
“From workplace strategy to labor analytics, the needs of occupiers and investors are evolving and growing geographically. This change of our name to Savills reaffirms our commitment to providing comprehensive services and solutions that drive profitability and productivity for our clients, whether they are around the corner or on the other side of the globe.”
Savills plc is a 160-year-old real estate service provider with over 36,000 employees and more than 660 offices in 71 countries worldwide. The firm is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
In May 2014, the company entered the U.S. commercial tenant advisory market with the acquisition of Studley, combining global offices in Asia Pacific, Continental Europe, the Middle East, North America and the U.K. North America delivered impressive growth in 2018 with revenue up 18 percent and underlying profit up 64 percent.
“Just as our previously announced merger with Studley strengthened our presence in North America, the Savills branding signals to our clients, domestically and globally, that our specialists can seamlessly provide leading real estate expertise delivered locally but linked worldwide,” said Mark Ridley, global CEO of Savills.
“This transition highlights our significant growth in the U.S. and Canada, and further complements our existing leading positions across EMEA and the Asia Pacific markets.”
Since the merger, Savills has grown substantially in North America. The firm acquired several brokerage offices, teams and consultants in Atlanta, Austin, Boston, Chicago, Dallas, Denver, Minneapolis, Nashville, North Carolina, Phoenix, Seattle, Silicon Valley, Southern California, Toronto and Washington, D.C.
Over the past five years, transactional revenue has increased by more than 55 percent and gross global fees from cross-border transactions by 122 percent each year. The firm anticipates significant growth in cross-border and portfolio transactions over the next three years.
“As Savills, we remain dedicated to our history and expertise in tenant advisory services,” said North American president Mitch Rudin. “We are investing heavily in innovative client technologies like our award-winning intelligence platform Knowledge Cubed, and our office and advisory service Workthere. And we will continue to enhance our chosen areas of commercial real estate, including capital markets, to deliver our clients the most value possible.”