Savills forms Asset Management JV Stateside
13 April 2011
International real estate advisor Savills has formed a joint venture with investment advisory business Silverpeak Real Estate Partners to create Savills Liberty Street Asset Management, an asset management company that will serve its global client base in North America.
Savills Liberty Street Asset Management will deliver comprehensive third-party asset and portfolio management services to owners of equity and debt investments across a wide range of property types including existing assets, development projects and entity-level investments. The existing business currently manages commercial real estate assets valued in excess of $15 billion.
John D. Lyons, president and CEO of Savills US, says: “In addition to our extensive investment sales, financing, advisory and buy-side representation capabilities throughout North America, this new joint venture will ensure that our global client base can build value through the full investment life cycle. With its outstanding record of helping investors reap maximum value from their global real estate strategies, Silverpeak Real Estate Partners is our ideal partner for this exciting new enterprise.”
Brad S. Lebovitz, Managing Director of Silverpeak Real Estate Partners, adds: “By combining our expertise, this new venture will provide a powerful continuum of services to a broader range of foreign and domestic banks, fund advisors, sovereign wealth funds, and high net-worth and institutional-quality investors looking to reap the greatest possible return on their North American real estate assets. Through best-in-class asset management of their portfolios, our clients will maximize return, manage risk and create value.”
Savills Liberty Street Asset Management will be based at Savills New York office at 599 Lexington Avenue.