The previously reported merger between 60-year-old tenant rep brokerage Studley and advisory firm Savills plc now complete, the combined firm has launched operations as Savills Studley in the US. The union bolsters Studley’s presence in Europe and Asia and that of Savills in the US, and the combined entity will have more than 600 offices worldwide.
When the merger was announced in early May, Studley chairman and CEO Mitchell Steir told GlobeSt.com it meant a new competitive edge. “We’ve had increasing demand from our domestic clientele for assistance in Asia and too often we had to hand our prized clientele over to a competitor,” he said. “That’s a position we didn’t want to be in anymore.”
Establishing an Asian presence was especially important, Steir said. “The world is moving in that direction and without a significant Asian presence, we ran a risk of falling further and further behind.”
For UK-based Savills, which is paying $260 million for Studley through a combination of cash, new Studley shares and promissory notes, the merger gives it a foothold in the tenant representation business, group chief executive Jeremy Helsby told GlobeSt.com in May. “To focus on US occupiers is incredibly important for our global occupiers,” he said. “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.”Studley, Savills Finalize Merger
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