By Joshua Burd
Tenant advisory firm Savills Studley is dropping the second half of its name as part of a new rebranding campaign — one that includes commercials during the upcoming NCAA men’s basketball tournament.
The firm, which has an office in Rutherford, announced Tuesday that it has cut “Studley” from its name, effective immediately. This change aligns the U.S. business with the platform of Savills plc, its London-based parent company, which is increasingly focused on globalizing its service lines while maintaining its historic commitment to advising occupiers.
“The transition builds on our 65-year legacy as the leading tenant advisory firm in the U.S.,” said Mitchell S. Steir, the firm’s North American chairman and CEO. “From workplace strategy to labor analytics, the needs of occupiers and investors are evolving and growing geographically. This change of our name to Savills reaffirms our commitment to providing comprehensive services and solutions that drive profitability and productivity for our clients, whether they are around the corner or on the other side of the globe.”
The firm is now planning a marketing campaign focused on its ability to adapt and optimize client spaces and outcomes, according to a news release. As part of that effort, Savills will air 30-second television commercials in select U.S. markets during the NCAA tournament, which begins this week, in addition to a national digital ad campaign in the coming months.
The company has operated in the U.S. as Savills Studley since 2014, when Savills plc acquired New York-based Studley Inc. for $260 million. The U.S.-based brokerage firm, which was founded in 1954 by Julien Studley, had operated in New Jersey since 1994.
For Savills plc, a 160-year-old real estate services provider, the deal marked its entrance to the U.S. commercial tenant advisory market. The company now has more than 36,000 employees and more than 660 offices in 71 countries worldwide, while its North American business has grown significantly since the merger.
To that end, Savills has grown over the past five years and acquired several top brokerage offices, teams and consultants in markets across the country, the news release said. Transactional revenue has increased during that time by more than 55 percent, while gross global fees from cross-border transactions have increased by 122 percent each year.
“Just as our previously announced merger with Studley strengthened our presence in North America, the Savills branding signals to our clients, domestically and globally, that our specialists can seamlessly provide leading real estate expertise delivered locally but linked worldwide,” said Mark Ridley, global CEO of Savills. “This transition highlights our significant growth in the U.S. and Canada, and further complements our existing leading positions across EMEA and the Asia Pacific markets.”
Savills also announced late last summer that Mitchell Rudin, a longtime brokerage and development executive in the region, was joining the firm as its North American president. On Tuesday, he said the company remains “dedicated to our history and expertise in tenant advisory services,” but is also moving the business forward.
“We are investing heavily in innovative client technologies like our award-winning intelligence platform Knowledge Cubed, and our office and advisory service Workthere,” Rudin said. “And we will continue to enhance our chosen areas of commercial real estate, including capital markets, to deliver our clients the most value possible.”