Savills has announced the opening of a new West Coast office in Los Angeles, California as well as a Pennsylvania Avenue office in downtown Washington DC as it expands its Americas network beyond New York and Mexico.
Robert Stamm will head the West Coast office in Los Angeles, California and be joined by Director Brandon McMenomy, while Joel Coren will head the team in Washington DC. The trio, who join Savills from CBRE's 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 DC and, latterly, New York, whilst 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 has previously been based in New York and Washington DC where he was responsible for developing the team's US principal/brokerage network across the country.
John D Lyons, CEO of Savills US, says: "The erosion of the US 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. 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."
Joel Coren adds: "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 to that of our competitors."
Robert Stamm comments: "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."
Savills new offices are located at 4695 MacArthur Court, Suite 1100, Newport Beach, CA 92660 and 1101 Pennsylvania Avenue NW, 5th Floor, Washington, DC 20004.