As a direct and immediate result of the buy, Granite is being rebranded Savills Granite LLC, and co-founder John D. Lyons becomes Savills chief executive of North America. In a statement, the company says that little else will change.
"Savills Granite LLC, whose professional team has collectively managed more than $21 billion in real estate transactions throughout their careers, will continue to emphasize investment transactions and financing involving portfolios and other large-scale assets representing commercial, retail, medical office properties and other categories," the statement said. "The firm engages in transactions in the United States, Canada and the Caribbean basin."
"As a unified entity," said Lyons, "Savills Granite will stand as a formidable US base of operations for one of the world's leading real estate services firms." He added that greater access to the global capital markets for Granite clients was a strong driver of the decision to sell.
Savills, which has a market cap of $1.36 billion, has chalked up an impressive deal record. It advised Beacon Capital Partners LLC on its $1.32-billion acquisition of the 707,301-sf CityPoint office building in London in April. For its part, Granite's recent history includes the Lightstone Group's $889-million acquisition of Prime Group Realty Trust and the sale of Enron's HQ in Houston.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
