The new owners of Julien J. Studley Inc., a New York-based real estate brokerage with a strong Southern California presence, plan to enlarge the company's lines of business.
The brokerage, which specializes in representing office tenants, has beefed up its financial services group and construction management teams, said Seth Dudley, who heads the West Los Angeles office.
Studley will continue to focus on office tenant representation, Dudley said, but will move further into brokering investment property sales and industrial real estate leases.
Dudley is one of 40 Studley brokers who last month bought controlling interest of the company from founder Julien J. Studley and his eight partners. One of those partners, Howard Sadowsky, said the buyers raised about $10 million and borrowed another $10 million to take control.
New York investment bank Hill Street Capital, which advised the buyers, valued the company at $50 million to $60 million.
"It's a good time to make a change," said 61-year-old Sadowsky, who has been with Studley since 1971. The company, he said, was ready "to pass along to the next group in a business that thrives on youth and energy. It's their turn."
Dudley, 46, and Mark Sullivan 40, who heads the downtown Los Angeles office, now are on the board of directors. About 20% of the brokers involved in the buyout are based in Southern California, Dudley said. The company also has an office in Irvine.
Julien J. Studley will retain the title of founding chairman and will receive a stipend through 2004. Although Sadowsky has sold his ownership position, he will continue to work as a broker based in West Los Angeles.
With the brokerage's founder stepping aside to make way for Chairman and Chief Executive Mitchell Steir, 47, and President Michael Colacino, 45, the new owners hope to change the name of the company to simply Studley.