London-based real estate brokerage and services company Savills announced Thursday it is acquiring Manhattan-based office leasing and sales brokerage firm Studley for $260 million. The deal will at last give the U.S.-focused Studley a global reach. At the same time it will give Savills an important foothold in the world's largest property market. The purchase is expected to close by the end of May, the firms announced, at which point its U.S. arm will be known as Savills Studley. Crain's reported that the two firms were in talks late last year.
"The combination of our two companies creates an opportunity to better serve the needs of our clients and that's what this is all about," said Mitchell Steir, Studley's chief executive. "As everything is becoming more global, more of our corporate clients are working towards a single-source provider for their real estate needs on a global basis."
Mr. Steir and Michael Colacino, Studley's president, said they would remain in their executive roles.
Jeremy Helsby, the chief executive of Savills, said that his company had long been looking to gain a presence in the U.S. Though Studley is considered among the smaller major real estate services firms, it has offices in major cities including New York, Chicago, Los Angeles, Atlanta, San Francisco, Boston, Miami, Houston, Philadelphia, and Washington, DC.
Mr. Helsby and Mr. Steir said that merger would allow Studley to service its clients in Asia, where Savills has a strong presence, while allowing Savills to bring more of its Asian clients to North America.
Mr. Helsby also said that he would look to use Studley's well-respected New York investment sales team, led by Woody Heller, to help its clients acquire city real estate assets, which in recent years have attracted a record level of interest from foreign buyers, particularly those from Asia.British firm Savills seals Studley deal
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