Competition in the tenant rep sector, always fierce, ratcheted up a few notches last week as JLL added a tenant rep team from Washington Partners Inc. in Seattle , while Cresa, the international network of independent tenant rep firms, announcing a bold five-year plan to double in size and named former Cushman & Wakefield Americas CEO James Underhill as its new chief executive to carry out the plan.
For insight on the dynamic tenant rep business and updates on his firm, CoStar turned to Michael Colacino, president of tenant rep leader Studley since 2002 and who has worked for the firm founded 62 years ago by the late real estate broker and entrepreneur Julien J. Studley since 1991.
As a key member of the leadership team headed by longtime Chairman and CEO Mitchell Steir, Colacino helped usher the company through more than a decade of steady growth, culminating in the $280 million sale of the firm in 2014 to Savills plc that provided the UK-based firm with a major presence in the U.S.
The parent company, with $1.5 billion in annual revenue, is publicly traded on the London Stock Exchange with 60,000 global employees, providing solid financial backing for Studley, which is now a wholly owned U.S. subsidiary.
Savills Studley has also pursuing an aggressive new phase of growth, making a number of acquisitions since the Savills merger. The firm added KLG Advisors, a New York City consulting firm, last March, followed by the acquisition of Cooper Brady Partners, which operated previously as the Silicon Valley offices of Cresa. Studley also acquired Vertical Integration, an occupier/corporate services business in Tampa, FL, and in December, entered into Canada, acquiring Toronto-based tenant rep firm Real Facilities, on top of opening four U.S. offices last year.
CoStar caught up with the veteran executive recently to discuss the state of the tenant representation service model in today's CRE services market, as well as the firm's ambitious growth plans in the U.S., Canada and Latin America.
Studley was one of only two large firms focused on tenants-only representation. Is the company still committed to sticking with the tenants-only model as Savills Studley?...Savills Studley President Michael Colacino on Challenges Facing Tenant Rep Biz Model
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