NEW YORK CITY—Creating a fully global tenant representation firm, Studley and London-baased Savills plc plan to merge. In the US the firm will be named Savills Studley when the deal closes, which is expected to happen at month’s end. Worldwide, the merged entity will have more than 500 locations.
Savills’ 30 employees across offices here and in Washington, DC and Los Angeles will move into Studley’s offices at the end of June. Savills’ current New York office—at 599 Lexington Ave.—spans 15,000 square feet.
Studley chairman and CEO Mitchell Steir will continue as chairman and CEO of Savills Studley while Studley president Michael Colacino will remain in that same position at the merged company. Messrs. Steir and Colacino will share a seat on the Savills Group executive board.
The merger gives Studley a major new competitive edge, Steir tells GlobeSt.com. “Frankly, we have not done as well as we’d like in servicing our clients on a global basis. We’ve had increasing demand from our domestic clientele for assistance in Asia and too often we had to hand our prlzed clientele over to a competitor. That’s a position we didn’t want to be in anymore.”
Establishing a presence overseas was particularly important for Asia, he says. “The world is moving in that direction and without a significant Asian presence, we ran a risk of falling further and further behind.” Studley also will be able to take advantage of Savills’ strong presence in Europe.
For Savills Group, the merger gives the firm a foothold in the tenant representation business, chief executive Jeremy Helsby tells GlobeSt.com. “To focus on US occupiers is incredibly important for our global occupiers. When they’ve come to Europe, Asia and other markets we haven’t been able to act for them because we didn’t know them. Now, Studley can refer its business around the world to us and we can receive those leads.”
The move gives Savills additional advantages, he continues. “In Europe, Asia and more we’re seeing increased interest in expanding into the US, and with Studley we can help clients with that. Plus, the US has increasingly become an important place in which foreign investors want to invest.”
Savills Studley also will offer corporate services and a range of consulting services around the world. Studley’s office locations include New York, Chicago, Los Angeles, Atlanta, San Francisco, Boston, Miami, Houston, Philadelphia, and Washington, DC.