NEW YORK CITY — Studley, a New York-based real estate brokerage firm specializing in tenant representation, will merge with London-based advisory firm Savills plc in a transaction valued at $260 million. The combined company, to be known as Savills Studley, will have more than 500 locations worldwide.
Current Studley Chairman and CEO Mitchell Steir will serve in those same roles for Studley Savills. Studley President Michael Colacino will also retain his position in the new entity. Additionally, Steir and Colacino will share a seat on the Savills group executive board.
“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,” says Steir. “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.”
In addition to brokerage and tenant representation services, Studley provides project management, corporate services and strategic portfolio solutions. Founded in 1954, the company currently has 25 offices nationwide.
Savills, established in 1855, operates and maintains offices in North America, South America, Europe, Asia and Africa. Traded on the London Stock Exchange under the symbol SVS, the company provides consulting services, such as valuation and research, as well as investment and portfolio sales and debt and equity financing.
For example, Savills recently represented First Industrial REIT in the sale of a 35-property, 3.5 million-square foot industrial portfolio in Long Island; and also arranged $66 million in second mortgage financing for the 420-unit West Village Houses multifamily property in New York.
The merger will expand Studley’s platform to a global level and also increase the presence of Savills in the United States. Existing Savills U.S. capital markets teams will move into Studley’s New York, Los Angeles and Washington, D.C. offices.
“Studley is recognized for its exceptional tenant representation expertise and is the leading player in markets throughout the United States,” says 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 U.S., but also enhances our offering to clients worldwide.”
The deal is expected to close by the end of May.
— John McCurdy