Savills Bolsters Its Life Sciences Division by Acquiring T3 Advisors
The deal adds more than 30 brokers from T3, which is mainly focused on the life sciences and technology market, into Savills’ fold. T3 CEO and founder, Roy Hirshland, will continue to lead the brand.
A spokesperson for Savills declined to comment on the price of the acquisition.
“T3’s innovative approach to serving clients in the life sciences and technology communities aligns perfectly with Savills strategic objectives,” Mitchell Rudin, chairman and CEO of Savills’ North American division, said in a statement. “We are looking forward to working with T3 across our platform to expand relationships with existing and new clients, building upon the momentum we already have developed, opening six new offices successfully in the past two years.”
T3 was founded in 2001 and has offices in Boston, New York, San Francisco and Palo Alto, Calif. The brokerage — renamed T3 Advisors, A Savills Company — will now work on expanding its reach to the U.K., Europe and Asia-Pacific markets.
The life sciences market has proven to be pandemic-proof real estate across the country and shows no signs of slowing down. Leasing for the market in New York City already reached a record annual high in 2021 this month, while venture capital funding continues to grow, a CBRE report found.
Mayor Bill de Blasio announced earlier this week a plan to invest another $500 million-plus into the city’s effort to grow the life sciences industry, bringing the total price tag to $1 billion.