Savills has completed the acquisition of US commercial real estate services firm Studley in a deal worth $260 million.

The consideration payable by Savills for Studley is up to US$260 million, which will be satisfied through a combination of cash, new Savills shares and promissory notes.

The newly combined US business will be rebranded Savills Studley.

“This deal brings the top US tenant representation brokerage brand into the Savills Group and complements our existing leading positions in the European and Asian market,” said the company.

Savills Ireland managing director Angus Potterton said the acquisition of Studley significantly enhances the service offering of Savills in Ireland.

“The requirement for office space from US firms here has increased significantly in recent years and this is a trend we expect to continue.”

Studley’s top 500 US clients have more than 9,000 locations within Savills current markets outside of the US. New York-based Studley boosts Savills US arm, bringing the group almost 600 extra staff and 25 US offices.