Michael Colacino is stepping down at the end of 2018 after 27 years at Savills Studley, to build a software company focused on proptech.
Michael, who was a systems designer for the first 10 years of his career, explains: “I’ve spent the last 30 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 not revealed any detailed plans about the type of software he intends to create.
Savills Studley chairman and CEO Mitchell S. Steir announced that veteran New York real estate executive Mitchell E. Rudin has been appointed as the next president of the company.
Mitch, who will join the company on 1 October and assume the role of President on 1 January 2019, joins Savills Studley from Mack-Cali Realty Corporation, where he served in the roles of CEO and vice chairman since 2015.
Michael 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 Mitch Steir, Michael oversaw the opening of offices throughout the US and in Canada. He 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 in 2014 and the subsequent transition.
Mich Steir said: “Michael has been by my side for nearly 3 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 endeavours. 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.
“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.”
Mitch Rudin added: “I am thrilled to join the talented team at Savills Studley at this exciting stage in its evolution. 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.”