Studley, a prominent New York commercial real estate brokerage with four offices in Southern California, has been acquired by London-based Savills in a merger that will create a large international firm.
Savills will pay as much as $260 million for Studley in cash, Savills stock and promissory notes. The combined firms are now doing business in the United States as Savills Studley.
Studley was founded in 1954 by real estate broker Julien J. Studley and specialized in representing tenants in property leases. After a management-led buyout in 2002, Studley was owned by its 139 partners.
Studley brought more than 400 brokers and 175 support workers in 25 offices across the U.S. to the new firm. Savills had 27,000 employees in 60 countries.
The combined company strengthens Studley's global capabilities in Asia and Europe, while bolstering Savills' presence in the United States. The merged entity now has more than 600 locations worldwide.
"This represents a significant step for both firms and our clients," said Mitchell S. Steir, chairman and chief executive of Savills Studley.