Savills Acquires SRS Lease Administration Platform

Image by CIker-Free-Vector-Images via Pixabay.com

Savills has completed its purchase of SRS Lease Administration, the leasing management and administration platform of SRS Real Estate Partners.

The buyer will integrate SRS Lease Administration into its proprietary leasing management service offerings and Portfolio Solutions Group. Following the acquisition, Savills will assume leasing management duties for all of SRS Lease Administration’s clients and tenants.

The acquisition marks the second collaboration between the firms, having previously engaged in a joint venture for the offering of consulting and advisory services for the retail sector.

The new leasing administration team created by Savills will have over 50 members, cross trained around numerous specialties within leasing management and administration. Savills plans to integrate the full scope of SRS Leasing Administration’s services and capabilities into its existing platform, including a streamlined payment processing system, advisory and project consulting services, as well as date management, accounting, auditing and administrative resources.

READ ALSO: Building an Effective Commercial Property Management Team

The SRS team joining Savills as a part of the acquisition is being led by Senior Vice President & Managing Principal of Real Estate Leasing Administration Jean-Marie Villacampa. Following the acquisition, Villacampa will become a vice president of lease administration. Savills Executive Vice President of Lease Administration & Audit Kim Esposito leads the firm’s services in North America.

Lucrative management opportunities

Esposito further detailed the Savills’ motivations for the acquisition, particularly in the face of a likely recession and further complexities across commercial real estate. “In light of the anticipated changes in the commercial real estate landscape, we reached the tactical decision to deliver expanded talent and additional resources in lease administration and lease audit services with the evolving needs of our clients in mind. In the year ahead, it is more important than ever to have a keen understanding of existing real estate assets and identify consolidation, disposition, and focused growth opportunities tailored to each client,” Esposito told Commercial Property Executive.

Many of the nation’s largest commercial real estate services companies including Colliers and Kidder Matthews have considerably expanded the scope and scale of their property management offerings. In October of 2022, the latter added a 1.2 million-square-foot collection of industrial assets and improved land in the Los Angeles-area to its management portfolio.