Studley, the New York-based commercial real estate brokerage company with 25 offices around the country, has announced the proposed merger with London-headquartered Savills plc, one of the world’s leading real estate advisory firms. The merger is expected to close by the end of May.
Savills is expected to pay $260 million for Studley, a tenant representation and real estate advisory company. In the U.S. the firm will be named Savills Studley.
Studley chairman and CEO Mitchell S. Steir will continue as chairman and CEO of Savills Studley and Studley president Michael Colacino will remain in that same position at the merged company. Steir and Colacino will share a seat on the Savills Group Executive Board.
The merger will enhance Studley’s global platform as well as Savills’ presence in the U.S. The merged entity will have more than 500 locations worldwide.
“This is a great opportunity for us to build on our strong position in the market and benefit from being part of one of the leading global brands in the industry,” said Steir.
“We are delighted that we will have a stronger platform to continue our growth with a partner that shares our commitment to exceptional client service. Studley and our clients will benefit from being part of an international firm with the ability to capitalize on cross border opportunities in Europe and Asia.”
Savills Studley will continue to have the same business model and focus on developing its tenant representative platform worldwide, augmented by expansion of its capital markets business. Existing Savills US capital markets teams will move into Studley’s New York, Washington, DC and Los Angeles offices respectively. Savills Studley will also offer corporate services and a range of consulting services around the world.
“Studley is recognized for its exceptional tenant representation expertise and is the leading player in markets throughout the United States,” said Jeremy Helsby, Group Chief Executive of Savills.
“The combination of Studley and Savills represents a unique opportunity which not only provides us with a significant platform for growth in the US, but also enhances our offering to clients worldwide allowing us to provide a truly global service.”
Studley’s office locations include New York, Chicago, Los Angeles, Atlanta, San Francisco, Boston, Miami, Houston, Philadelphia, and Washington, DC.