International real estate adviser Savills has completed the $260 million acquisition of Studley, Inc. the leading US independent commercial real estate services firm specialising in tenant representation.
The newly combined US business will be re-branded Savills Studley.
Rob Sadler, head of Savills’ Cambridge office, said the deal was prescient as increasing numbers of US companies eyed the Cambridge technology corridor and the UK generally as potential locations.
It would also help UK companies keen to find bases in America, Europe and Asia through Studley’s global reach, he added.
Sadler said: “We have seen a growing requirement from US corporates throughout the UK office market over the last few years and this is a trend we only expect to become more prominent.
“We are very much looking forward to working with our new colleagues at Savills Studley to meet the growing needs of these occupiers and also service our UK clients who are looking to establish a presence or expand in the US market.”The acquisition will be funded through a mix of cash, new Savills shares and promissory notes.
Savills plc CEO, Jeremy Helsby, said: “This deal brings the top US tenant representation brokerage brand into the Savills Group and complements our existing leading positions in the European and Asian markets. We are now well placed to provide exceptional service to clients in the world's key locations.”
Studley's top 500 US clients have over 9,000 locations within Savills current markets outside of the US, highlighting the tremendous business opportunities for both firms.
Savills research highlights the growing importance of US occupiers in the UK office market who, in 2013, acquired 44 per cent of the office space in the 50 largest lettings in Central London, which equated to 2.1 million sq ft with names including Google, News International, Amazon, Facebook and Debevoise & Plimpton.
Similarly, in the M25 office market, US occupiers accounted for 26 per cent of the space let in the 50 largest deals totalling 600,000 sq ft with deals to Rackspace, Nexen Petroleum, Bechtel, Abbott Laboratories and NetApp.That pattern is repeated in other major UK business heartlands. Savills Pays $260M for US Firm as Americans Eye Cambridge
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