In a deal expected to close next month, New York-based Studley, the real estate brokerage company with 25 offices in the U.S., will merge with London-based Savills PLC, one of the world's largest real estate advisory firms. According to a company press release, Savills is expected to pay $260 million for Studley, renaming its U.S. operations to Savills Studley. The merged entity will have more than 500 locations worldwide.
"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," said Mitchell Steir, Chairman and CEO at Studley. "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 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."
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