In a $260 million deal expected to close by the end of this month, London-based advisory Savills plc is buying Studley, the New York-based firm announced today.
In the United States, the firm will be named Savills Studley.
Studley’s chairman and CEO, Mitchell Steir, will remain chairman and CEO of Savills Studley, and Studley’s president, Michael Colacino, will retain his title at the merged company. The duo will share a seat on the Savills group executive board.
“This is a great opportunity for us to build on our strong position in the market and benefit from being part of one of the leading global brands in the industry,” Mr. Steir said in a prepared statement. “We are delighted that we will have a stronger platform to continue our growth with a partner that shares our commitment to exceptional client service. Studley and our clients will benefit from being part of an international firm with the ability to capitalize on cross border opportunities in Europe and Asia.”
Studley, a global commercial real estate services firm specializing in tenant representation, was founded in 1954. Savills, a global real estate service provider listed on the London Stock Exchange, was established in 1855.
“Studley is recognized for its exceptional tenant representation expertise and is the leading player in markets throughout the United States,” said Jeremy Helsby, group chief executive of Savills. “The combination of Studley and Savills represents a unique opportunity which not only provides us with a significant platform for growth in the US, but also enhances our offering to clients worldwide allowing us to provide a truly global service.”