London-based global real estate firm Savills has agreed to acquire the Midtown-based Studley for $260 million, the firms said in a statement this morning.
The deal for the tenant-representative firm Studley, headed by CEO Mitchell Steir and President Michael Colacino, is expected to close by the end of May. The firms had been in talks back in December, as previously reported.
The combined firm will be known in the United States as Savills Studley, and Steir and Colacino will remain in their current positions, and will have seats on the Savills Group Executive Board, the statement said.
Studley currently has 25 offices in the United States, and the combined firm will have more than 500 locations globally. – Adam Pincus