Studley to merge with London-based Savills PLC
Studley, a New York-based commercial real estate brokerage company with 25 offices around the country including Washington, D.C., announced a proposed merger Thursday with London-based Savills PLC, one of the world’s largest real estate advisory firms. The merger is expected to close by the end of May.
Savills is expected to pay $260 million for Studley, a tenant representation and real estate advisory company. In the U.S. the firm will be named Savills Studley.
Studley Chairman and CEO Mitchell S. Steir will continue as Chairman and CEO of Savills Studley and Studley President Michael Colacino will remain in that same position at the merged company. Steir and Colacino also will share a seat on the Savills Group Executive Board.
Studley said the proposed transaction will enhance its global platform as well as Savills’ presence in the U.S. The merged company will have more than 500 locations worldwide.
“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,” Steir said in a statement.
Building on Studley’s tradition of pioneering tenant representation, Savills Studley also will offer corporate services.