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NEW YORK CITY-After months of speculation and rumor, GlobeSt.com has learned that the much anticipated management buyout at Julien J .Studley Inc. is complete, with Studley himself replaced by vice chairman Mitch Steir, effective immediately. While Steir takes on the title of chairman, Studley will assume a position akin to chairman emeritus. How much Steir and company ponied up was not revealed.

Steir takes a management team with him, including Michael Colaccino, now executive managing director, who becomes president, replacing Jacque Ducharme. Mark Jaccom, currently executive vice president, will head US operations. A new board of directors will be unveiled in the coming weeks.Studley founded the firm in 1954 with an emphasis on tenant representation. Today, with 15 offices and more than 500 professionals around the country, the firm offers real estate advisory sales, investment sales and design and construction management.

According to Real Estate Forum, GlobeSt.com’s national sister publication, Steir joined the company in the late 1980s and has been ranked as its top producer. Included in his resume is the 1.5-million-sf lease restructuring and extension for what is now AOL Time Warner at 1271 Ave. of the Americas.

This, of course is not the first shake-up to emanate from the corner offices at Studley. The founder himself, in an effort to capitalize on the strategic-planning capabilities of his senior people, created the three-person office of the chairman in the late ’90s, with Ducharme and senior EVP Stephen B. Goldstein. Calls to Steir’s office were not returned by press time, and Studley spokespeople would make no comment.

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