Savills is acquiring New York real estate investment bank Granite Partners for $54 million (€40 million)—a price that could jump to $84.6 million over the next five years with performance bonuses.
“We have taken our time in finding the right US partner,” Aubrey Adams, chief executive of Savills, said in a statement. “I am convinced that in Granite we have found an excellent partner that gives us a first-class entrance point into the US market.”
The company will be rebranded Savills Granite, according to the firms.
Granite has worked on a number of high-profile projects in the US, including representation of the Lightstone Group in the take-private of the Chicago-based Prime Realty Trust, an office and industrial REIT, for $889 million in 2005 and the sale of the Enron World Headquarters in Houston on behalf of Enron’s creditors.
The bank has also worked with JP Morgan, The Blackstone Group, Goldman Sach’s Whitehall funds and Morgan Stanley.
Savills said in a statement that Granite co-founder John Lyons will helm Savill’s North American operations, which it has been growing as it winds down its relationship with Trammell Crow.
Founded in 1996 by Lyons and Gerard Mason, Granite oversees investment sales, debt and equity placement and advisory services in the US, Canada and the Caribbean.