Studley's Mitch Steir Talks to Bisnow
NEW YORK CITY—Global is the new plastic. Although we didn't get that from Dustin Hoffman, we did talk today with Studley CEO Mitch Steir, who left no doubt that was the key concept behind yesterday's $260M merger with Savills.
Mitch (right, with Savills CEO Jeremy Helsby) tells us that Savills and Studley have completely complementary footprints with almost no redundancy; Studley is a US powerhouse, with 25 offices here. And Savills is an international giant, with 27,000 employees mostly in Asia Pacific and Europe and only 0.8% of its revenue deriving from the US. (We named Mitch along with Studley president Michael Colacino No. 8 last November in our NYC Superbroker 50 list; they've clearly just vaulted higher. Congrats on that, too!)
Savills, say 'ello to your new teammates. The merger will close by the end of May, and the new Savills Studley will have 500 offices worldwide. Mitch tells us local Studley offices will continue to focus on their core competency of tenant rep, but will build up their capital markets—especially in New York, DC, and Los Angeles—and retail capabilities. (Landlord rep and management are not on the agenda, Mitch says.) And look for those new hire announcements as Savills Studley ramps up recruiting.