The Greater Toronto chapter of the Commercial Real Estate Development Association, NAIOP, awarded Savills Studley Canada the coveted “Industrial Lease of the Year” Real Estate Excellence (REX) Award for the firm’s recently completed 250,000-square-foot transaction at the Escarpment Way Business Park on behalf of Medline. Founder and Head of Canada Stan Krawitz, Vice President Paul Kay, Executive Vice President Rick Schuham and Senior Managing Director Bruce McConnell represented the tenant, Medline, in the transaction. The Savills Studley team was presented the “Industrial Lease of the Year” award during the 15th annual Real Estate Excellence gala on April 11th at the Metro Toronto Convention Centre. The NAIOP REX Awards is a peer group recognition program established to celebrate the achievements of the office, industrial, retail and mixed-use real estate industry in Toronto and the surrounding region.
This was the second win for Krawitz, a tenant representation veteran with over two decades of experience, who was previously awarded the NAIOP Industrial Lease of the Year award for the creation of the Giftcraft Building in Brampton, Ontario in 2007. He has managed more than 22 million square feet of transactions for an array of clients, including Porsche, Unisource, Fuji, Sanyo, Kia Motors Corp. and Panasonic.
According to Krawitz, Paul Kay was instrumental in engineering the complex and creative strategy that achieved all of Medline’s objectives and was clearly identified by the judges as something special.
“We were able to capitalize on an existing sub-tenancy to deliver significant savings for Medline, not replicable elsewhere in the market, all at no cost to the landlord. The creative structure was an absolute win-win for all parties involved,” Kay said.
“This transaction was the product of excellent cross border collaboration with Richard Schuham and Bruce McConnell from the Savills Studley Chicago office,” Krawitz said. “Not only does this win demonstrate the ingenuity and expertise of our local Toronto industrial team, it is also a clear indication of our superior ability to work internationally on behalf of our clients.”
The recognition follows a surge of activity for Savills Studley, highlighted by the purchase of the tenant representation consulting firm, Real Facilities in Toronto, which was founded by Krawitz in 2000.
The firm has also established several new offices in growing real estate markets across the United States, including Phoenix, Austin, Minneapolis and Baltimore. In addition, Savills Studley has completed several high-profile acquisitions including Cooper Brady Partners in Silicon Valley, the top performing firm in one of the nation’s hottest areas; Tampa-based Vertical Integration, which strengthens the firm’s occupier services and workforce strategy business; and New York-based management consulting firm KLG Advisors, a well-known firm that provides strategic location and workforce advisory services, including portfolio evaluation and realignment, to large corporations.
The Greater Toronto Chapter of NAIOP was founded in 1977 and has become the premier "meeting place" for a diverse and influential mix of the commercial real estate industry's top companies and top performers.