Real estate advisor Savills PLC has signed a definitive agreement to acquire global real estate investment bank Eastdil Secured LLC for $1.112.5 billion.
The acquisition is scheduled to complete in due course following satisfaction of customary regulatory and closing conditions.
“This acquisition is a significant step forward for both of us, bringing to the global investment community a much-needed choice of leading advisory partner to deliver a comprehensive suite of investment banking, strategic, financial, development, leasing and other ‘boots on the ground’ property solutions,” said Simon Shaw, group chief executive of Savills. “By acquiring a leading REIB provider, the improved breadth of our services and enhanced global footprint will create significant growth opportunities for the combined group’s staff and significant value to our clients and shareholders alike.”
Eastdil Realty was founded in 1967 by Benjamin V. Lambert in New York, pioneering an investment banking approach to real estate advisory. In 1978, Roy H. March joined Eastdil Realty and over time, the firm expanded globally and became a trusted partner across every property type and transaction structure. In 1999, Wells Fargo acquired Eastdil Realty, strengthening the platform with the resources of a leading financial institution. In 2006, Eastdil Realty and Secured Capital Corp., the real estate investment banking firm co-founded in 1990 by D. Michael Van Konynenburg and other former executives of Drexel Burnham Lambert, merged to create Eastdil Secured.
In 2019, Roy H. March and the firm’s management team led Eastdil Secured ‘s recapitalization, in partnership with Guggenheim, Temasek and Wells Fargo.
Eastdil Secured will continue maintain its headquarters in New York, Santa Monica, Calif. and London and has a total of 20 offices, including Atlanta, Boston, Charlotte, Chicago, Dallas, Miami, Orange County, San Francisco, Seattle, Silicon Valley and Washington, D.C. in the U.S. and Dubai, Dublin, Frankfurt, Milan, Paris and Hong Kong. The Eastdil Secured leadership team and Eastdil Secured’s senior employees will become shareholders in Savills.
Eastdil Secured CEO Roy H. March has been appointed executive chairman of Eastdil Secured, responsible for client advisory, execution and long-term strategy. D. Michael Van Konynenburg, currently president, will take on the role of CEO of Eastdil Secured, overseeing day-to-day operations, with James McCaffrey becoming president of Eastdil Secured, spearheading international growth from London. Van Konynenburg and James McCaffrey will join the Savills Group executive board.
