Savills Studley, an American real estate firm that focuses solely on tenants has recently making a move to enter into Canadian market.
The company that is one of the large real estate firms announced on Monday regarding its acquiring of the Toronto-based full-service CRE firm, Real Facilities. According to Financial Post, the Toronto office of the firm will continue to be providing tenant representation, transaction management, capital markets, project management and design services for their clients.
“It was important that Savills Studley create a strategic presence in Toronto, the fourth-largest commercial real estate market in North America. We are very excited by the opportunities this acquisition presents for our clients, as many multinational firms have targeted the greater Toronto area for growth,” Savills Studley president Michael Colacino said in a prepared statement as reported by Commercial Property Executive.
“Savills Studley has the identical DNA to us in the United States. We turned the dating process into a marriage,” said Stan Krawitz, founder and president of Real Facilities.
Krawitz will be overseeing Savills Studley as executive vice president and head of Canada and will work with senior vice president Allen Grinberg, senior vice president and Ontario branch manager Ken Norris, and Savills Studley president Michael Colacino. According to Krawitz, the two companies have already been in a five-year relationship.
“As good as we are, the one piece missing for us was global reach and, at least in the U.S., we now have a perfect tenant rep user-based platform. This was client driven,” he added.
“The acquisition fits into Savills Studley’s five-year plan to double the size of the business by continuing to recruit elite tenant rep brokers, open and/or acquire new offices in strategic markets across the U.S. and Canada, and continue to grow service lines,” according to a Savills Studley spokesperson.
What do you think of Savills Studley entering the Canadian real estate market?
