Savills Studley Chairman & CEO Mitchell S. Steir announced today that the firm has appointed Mitchell E. Rudin, a veteran New York real estate executive, to serve as its next President, succeeding Michael Colacino who is stepping down at the end of 2018 after a highly successful 27-year run at the firm.
Rudin, who will join the Company on October 1 and assume the role of President on January 1, 2019, joins Savills Studley from Mack-Cali Realty Corporation, where he served in the roles of CEO and Vice Chairman since 2015.
Colacino joined Savills Studley in 1991 and has held the position of President since 2002, after he and Mitch Steir led the successful management buyout of the firm from its founder, Julien Studley. Since becoming President, Colacino has been responsible for the day-to-day operations of the firm. In partnership with Steir, Colacino oversaw the opening of new offices throughout the United States and in Canada; assisted in the expansion of the firm’s existing offices, including New York, which has more than doubled in size; and helped develop multiple new lines of business. He also worked closely with Steir on the merger with London-based Savills plc in 2014 and the subsequent transition.
Mr. Colacino, who was a systems designer for the first ten years of his career, intends to build a software company focused on PropTech. “I’ve spent the last thirty years advocating for the application of software and analytics to real estate. It is exciting to see those ideas acquiring enormous momentum in the industry. I am eager to combine my background in software with my experience managing broker operations to change and improve our industry.”
“Michael has been by my side for nearly three decades and has been a fantastic partner in helping me acquire, lead and ultimately merge this outstanding organization. I, of course, wish him the best in all of his future endeavors,” Steir said. “The incredible success and growth of this company would not have been possible without his dedication, intellect and unwavering commitment to the firm and our clients.”
Steir added, “I am confident that, in Mitch Rudin, we have found the best possible candidate to replace Michael as President. Over the course of his remarkable career, Mitch has expertly guided some of the country’s leading real estate service and development firms through periods of rapid growth and dramatic transformation. We have no doubt that he will usher in a similar era of progress and accomplishment at Savills Studley.”
During his tenure at Mack-Cali, Rudin helped transition the publicly-traded REIT’s portfolio from troubled suburban offices to a dynamic mix of office and multi-family properties situated along the New Jersey waterfront and in transit-rich locations.
From 2011 through 2014, he served as CEO and President of U.S. Commercial Operations at Brookfield Office Properties, where he developed and implemented a strategic plan and branding effort for the 50 million square-foot portfolio that resulted in its exceeding or meeting goals in every year of his tenure. Here in New York, he oversaw the effort to re-brand and re-lease Brookfield Place in Lower Manhattan.
In joining Savills Studley, Rudin is returning to his roots in the commercial real estate services industry. Prior to his leadership role at Brookfield, Rudin spent over two decades at CBRE and its predecessor firms, culminating in his role as NY Tri-State Region CEO and President from 2006 through 2011. In his years at CBRE in national leadership roles, Rudin was instrumental in strategic planning, branding, acquisition and recruitment efforts that helped fuel CBRE’s geographic and business-line expansion and will be directly relevant to his new role at Savills Studley.
“I am thrilled to join the talented team at Savills Studley at this exciting stage in its evolution,” Rudin said. “Over the years, the firm has invested heavily in forward-thinking technology and has strengthened its professional teams both in the C-suite and across the country. I would like to thank Michael Colacino for his impressive service and immense contributions to the firm. I look forward to building upon the company’s achievements thus far, in partnership with Mitch Steir and our Board of Directors.”