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US: Savills has signed a deal to acquire real estate investment bank Eastdil Secured LLC, for US$1,112.5 million (£830 million).
Eastdil Realty was founded in 1967 by Benjamin Lambert in New York, pioneering an investment banking approach to real estate advisory. In 1978, Roy March joined Eastdil Realty and over time, the firm expanded globally.
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 March and the firm’s management team led Eastdil Secured ‘s recapitalisation, in partnership with Guggenheim, Temasek and Wells Fargo.
Eastdil Secured will continue to operate its existing business model within Savills Group, and will maintain key headquarters in New York, Santa Monica and London. The Eastdil Secured leadership team and Eastdil Secured’s senior employees will all become shareholders in Savills through the receipt of Consideration Shares in exchange for their existing interests in Eastdil Secured.
In connection with the transaction, Eastdil Secured has today announced planned executive leadership appointments to position the business for continued growth as part of Savills. Effective immediately, Roy March, current CEO, 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 to take on the role of president of Eastdil Secured, spearheading international growth from London. Michael Van Konynenburg and James McCaffrey will both join the Savills group executive board.
Simon Shaw, group chief executive of Savills said: “Eastdil Secured is an organisation we have worked with and admired for many years. It has a complementary geographical footprint and similar culture to our own. 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. 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”.
Roy March, executive chairman of Eastdil Secured, added: “Throughout its history Eastdil Secured has developed strategic partnerships to better serve our clients and be the most relevant and trusted advisor in the real estate investment banking industry. This transaction marks the beginning of a new chapter for Eastdil Secured, which will accelerate our growth, create opportunities for our team, and significantly enhance our ability to provide best-in-class real estate investment banking services for our valued clients globally. As part of Savills, Eastdil Secured will continue to serve as a trusted advisor and provide clients with unmatched capital markets and commercial real estate expertise, now with more resources as part of a larger organisation with complementary geographic reach and advisory capabilities. The Savills team shares our commitment to excellence and our emphasis on discretion, collaboration, and insight-driven execution. We look forward to continuing to grow and deliver for our partners as part of this industry-leading global platform”.
Highlights:
- Savills has signed a deal to acquire real estate investment bank Eastdil Secured LLC, for US$1,112.5 million (£830 million)
- Roy March, current CEO, 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 to take on the role of president of Eastdil Secured, spearheading international growth from London
