{"id":1004095832,"date":"2014-05-02T08:03:48","date_gmt":"2014-05-02T16:03:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004095832"},"modified":"2022-12-08T17:13:02","modified_gmt":"2022-12-09T01:13:02","slug":"for-studley-260m-merger-with-savills-promises-blooming-global-platform","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/for-studley-260m-merger-with-savills-promises-blooming-global-platform\/","title":{"rendered":"For Studley, $260M Merger with Savills Promises Blooming Global Platform"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/i><\/p>\n

\u00a0<\/i>It\u2019s not yet set in stone, but the planned $260 million merger of Studley with Savills announced on Thursday is close enough for the New York-based services firm to taste the new international opportunities.<\/p>\n

\"Studley<\/a>

Studley Chairman & CEO Mitchell Steir<\/p><\/div>\n

Studley has been managing its international assignments through AOS Studley, its Paris-based affiliate, in which the company owns a 49 percent stake. But as a merged entity, which will operate as Savills Studley in the U.S., the 60-year-old firm will have the world as its oyster.<\/p>\n

“With little overlap within each firm\u2019s geographic locations and existing clients, we will be uniquely positioned to develop new business from around the globe, while continuing to deliver exceptional service to clients,\u201d Mitchell Steir, Studley\u2019s chairman & CEO, told CPE.<\/p>\n

Of course, there\u2019s something in it for London-based Savills, too\u2014a bigger piece of the U.S. market. According to the most recent survey by Association of Foreign Investors in Real Estate, the U.S. continues to rank with foreign investors as the world\u2019s most stable and secure destination for capital, surpassing second-place Germany by more than 50 percentage points.<\/p>\n

“Studley is recognized for its exceptional tenant representation expertise and is the leading player in markets throughout the United States,\u201d Jeremy Helsby, Savills\u2019 group chief executive, said in a statement. \u201cThe combination of Studley and Savills represents a unique opportunity which not only provides us with a significant platform for growth in the U.S., but also enhances our offering to clients worldwide, allowing us to provide a truly global service.\u201d<\/p>\n

Studey\u2019s turnover in 2013 was $233 million, and the firm has already gotten off to a good start this year, having closed the first quarter of 2014 with a marked improvement over the first quarter of 2013.<\/p>\n

The financials of the planned merger have been hashed out. Savills will pony up $130 million of the initial consideration with of cash and up to 6.1 million new ordinary shares of Savills. The remaining $130 million will come in the form of promissory notes.<\/p>\n

If all goes as planned, the merger will close on or before May 30.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

“We will be uniquely positioned to develop new business from around the globe, while continuing to deliver exceptional service to clients,\u201d Mitchell Steir, Studley\u2019s chairman & CEO, told CPE.<\/p>\n","protected":false},"author":969,"featured_media":1004095834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21781,21808,16,21783,1600,21742,21747,21785],"tags":[39384],"class_list":["post-1004095832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-corporate-real-estate","category-featured","category-international","category-investment","category-new-york","category-latest","category-office","category-property-management","tag-international"],"acf":[],"yoast_head":"\nFor Studley, $260M Merger with Savills Promises Blooming Global Platform - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/for-studley-260m-merger-with-savills-promises-blooming-global-platform\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"For Studley, $260M Merger with Savills Promises Blooming Global Platform\" \/>\n<meta property=\"og:description\" content=\""We will be uniquely positioned to develop new business from around the globe, while continuing to deliver exceptional service to clients,\u201d Mitchell Steir, Studley\u2019s chairman & CEO, told CPE.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/for-studley-260m-merger-with-savills-promises-blooming-global-platform\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-05-02T16:03:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:13:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Studley-Chairman-CEO-Mitchell-S.-Steir.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"2100\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/for-studley-260m-merger-with-savills-promises-blooming-global-platform\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/for-studley-260m-merger-with-savills-promises-blooming-global-platform\/\",\"name\":\"For Studley, $260M Merger with Savills Promises Blooming Global Platform - 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