Savills has established a special service to focus on distressed property situations. The new unit is led by Savills US CEO John D Lyons, executive managing director Jeffrey Baker, senior vice president Fredric Leffel and senior vice president John Wilcox from the New York office.
Savills has established a special service to focus on distressed property situations. The new unit is led by Savills US CEO John D Lyons, executive managing director Jeffrey Baker, senior vice president Fredric Leffel and senior vice president John Wilcox from the New York office.
Savills said the unit will draw on the New York team's 25 years of experience in real estate investment banking services and the firm's newly acquired global capital advisory division based in London to assist real estate companies and their lenders with their 'liquidity needs'.
Through its cross-border desk, the team has the capability to handle multi-jurisdictional and cross-border workout and bankruptcy assignments throughout Europe, the Middle East, Australia and Asia, Savills said.
The broker said the team will offer the full range of restructuring and bankruptcy advisory services, valuation, structuring and strategic planning.
John D Lyons commented: 'There is definitely going to be work that comes through the government as well as borrowers and owners of real estate who need help working out their issues. The process will be complicated but our experienced team in New York has advised clients in some of the most prominent and complex real estate-related bankruptcy cases in American history.'
