Savills expands U.S. operations: 2 new offices

Savills has opened a new West Coast office in Los Angeles and a Pennsylvania Ave. office in Washington, D.C. as it expands its Americas network beyond N.Y. and Mexico. Robert Stamm will head the West Coast office in Los Angeles and be joined by director Brandon McMenomy, while Joel Coren will head the team in Washington. The trio, who join Savills from CB Richard Ellis' Global Property Advisors team, will work across the firm's office network to enhance its Cross-Border Business and range of client services in North America. Stamm and Coren will lead Savills' Cross-Border Advisory business going forward, and together with McMenomy they will merge with Savills existing US Cross-Border team, Guy Benn and Nataly Rothschild, who are based in New York. Stamm and Coren, who previously led CBRE's Global Property Advisor team since May 2007, bring with them strong relationships within the international investment community as well as overseas experience. Coren was involved in major investment/development projects in the City of London market, before transferring to Washington and later New York, while Stamm worked in Germany on large institutional portfolio transactions and joint ventures before transferring to Los Angeles. McMenomy, who will be based in Los Angeles, was previously based in New York and Washington, where he was responsible for developing the team's U.S. principal/brokerage network across the country. "The erosion of the U.S. dollar against major foreign currencies has priced US real estate as comparatively inexpensive when compared to other countries, and as the dollar strengthens the return will be higher for offshore investors who choose to sell assets and repatriate capital," said John Lyons, CEO of Savills U.S. "We expect to see increased activity in this market in 2011 and this is the team that can work with our existing professionals to source the best deals for investors." "The strength of the Savills brand overseas combined with investment banking advisory capabilities here in the US offers clients a superior broader and deeper platform than that of our competitors" said Coren. "The opportunity to join Savills will further improve our dedicated service offering to offshore clients, working with the firm's established European and Asian businesses," said Stamm. Savills new offices are located at 4695 MacArthur Court, Suite 1100, Newport Beach, CA 92660 and 1101 Pennsylvania Ave. NW, 5th Floor, Washington, DC 20004.