A Studley new prez
Rudin replacing Colacino at tenant-rep firm
IN the year’s highest-profile executive shuffle in commercial real estate services, Mitchell Rudin is replacing Michael Co
lacino as president of tenant-rep giant Savills Studley — a position that Colacino held for 16 years.
The C-suite switch, which was not expected, was revealed to Savills Studley staff in a memo Monday afternoon.
Both men are among the industry’s best-regarded dealmakers and executives. Rudin was known to be hungry for a new job after he left his former firm, New Jersey-based MackCali, this past spring, but Colacino’s exit from Savills Studley came as a surprise.
At Mack-Cali, Rudin was credited with dramatically growing the publicly traded REIT’s portfolio.
Before that, as CEO/ president of Brookfield Office Properties’ US commercial operations, he oversaw the transformation of the old World Financial Center complex into today’s sparkling Brookfield Place.
Rudin, 65, will being running Savills Studley’s dayto-day operations beginning on Jan. 1.
He was vice chairman of Mack-Cali until June, but wasn’t happy after losing the CEO title in 2017 to
Michael DeMarco — a demotion. Rudin’s total compensation at Mack-Cali was $2.28 million for 2017, according to company proxy statements.
“I am confident that in Mitch Rudin we have found the best possible candidate to replace Michael as president,” Savills Studley CEO
Mitchell Steir said. He praised his friend Colacino’s contribution — “he’s been by my side for nearly three decades and has been a fantastic partner,” Steir said.
Savills Studley is part of London-headquartered Savills plc, which swallowed up venerable New York firm Studley in 2014 for $260 million. Steir and Colacino drove the merger, which gave their new parent company a wider global reach.
It now has 600 offices with over 36,000 employees in more than 60 countries, but its heart is the powerful New York office, which represents such marquee companies as Time Warner, Ralph Lauren, Mizhuho Bank and Mizuho Securities as well as law firms Kirkland & Ellis and Pillsbury Winthrop Shaw Pittman.
Colacino, 61, joined Studley in 1991 and became ppresident in 2002. During his illustrious career, he represented major companies in gamechanging relocations, including Time Warner’s move in 2003 to Time Warner Center and its impending move to Hudson Yards. He plans to launch a new, property technology focused software company by early 2019.