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Former Mack-Cali Chief Rudin Named President of Savills Studley

Will Replace Veteran Colacino at Manhattan-based Firm
September 10, 2018
Mitchell E. Rudin, a veteran New York real estate executive who previously held senior positions at CBRE, Brookfield and Mack-Cali Realty Corp., will join Savills Studley as its next president, succeeding Michael Colacino who is stepping down at the end of 2018.

Former Mack-Cali Realty Corp. Chief Executive Mitchell Rudin, who abruptly departed the New Jersey-based REIT in June, has landed at Savills Studley, the U.S. affiliate of London-based global real estate service provider Savills Plc, where he has been tapped to succeed the firm’s long-time president, Michael Colacino, who plans to step down at the end of this year.

Mitchel Steir, the real estate advisory firm’s chairman and CEO, announced the management change late Monday. Rudin will join Savills Studley Oct. 1 followed by a brief transition period before assuming the president's role on Jan. 1.

Colacino joined Savills Studley in 1991 and served as president since 2002 after he and Steir led a management buyout of the Manhattan-based firm from its namesake founder, tenant representation pioneer and real estate icon Julien J. Studley.

As president, Colacino was responsible for the day-to-day operations of Savills Studley. With Steir, he also oversaw the opening of new offices in the United States and in Canada, assisted in the expansion of the firm’s existing offices and helped develop multiple new lines of business. The firm was acquired by Savills in 2014.

"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," Steir said in a statement. "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 described Rudin as the "the best possible candidate to replace" Colacino.

"Mitch has expertly guided some of the country’s leading real estate service and development firms through periods of rapid growth and dramatic transformation," Steir said in the firm's announcement. "We have no doubt that he will usher in a similar era of progress and accomplishment at Savills Studley."

Rudin’s abrupt exit from Mack-Cali ended an unlikely and ultimately unsuccessful co-leadership structure with Michael DeMarco. Following the departure of then CEO and President Mitchell Hersh in June 2015, Mack-Cali named the two real estate executives to replace him: Rudin was appointed chief executive and DeMarco president and chief operating officer. But in April 2017, the REIT's board elevated DeMarco to CEO and Rudin left the firm in June this year.

From 2011 through 2014, Rudin served as CEO and president of U.S. Commercial Operations at Brookfield Office Properties, which owned a 50 million-square-foot portfolio. Before that, he spent over two decades at CBRE and its predecessor firms, culminating in his role as New York Tri-State Region CEO and president from 2006 through 2011.

For his part, Colacino said he intends to continue his career after leaving Savills Studley by building a software company focused on the 'proptech' area, working to apply technological innovation to real estate.

"I've spent the last 30 years advocating for the application of software and analytics to real estate," he said in a statement. "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."

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