Savills is carrying out a corporate acquisition to expand its footprint in the US.
Savills is carrying out a corporate acquisition to expand its footprint in the US.
The London-listed real estate adviser announced on Thursday that it plans to acquire Studley, an independent commercial real estate services firm specialising in tenant representation in the US.
Savills will pay up to $260 mln (€187 mln) in instalments between completion and 31 May 2017 in cash, promissory notes and Savills shares.
Jeremy Helsby, Group CEO of Savills, said: 'Studley is recognised for its exceptional tenant representation expertise and is the leading player in markets throughout the US. 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.'
Founded in 1954 and headquartered in New York City, Studley is a privately owned firm that focuses principally on the needs of tenants to provide representation, project management and transaction advisory services.
Studley employs over 400 commissioned brokers and 175 support staff in 25 offices across the US. Its largest offices in New York City, Washington DC, Southern California (LA), Chicago and Houston collectively represent the majority of Studley’s revenues.
In addition to occupier-related services, Studley has a capital markets team based principally in New York City. Since successfully completing a management-led buyout in 2002, the firm has been owned by its 139 partners. A majority of the senior brokers have been with Studley for more than 15 years.
Savills established its US presence, Savills LLC, in August 2007 following the acqusition of Granite Partners. The property adviser said that the addition of Studley will provide it with a significant US footprint and a strong platform for further growth both in the US and through Savills existing businesses in Asia and Europe.
