Savills, which has been expanding in the United States over the past several years, has opened its first office in Utah and hired a pair of brokers to oversee it. It's an attempt to tap one of the fastest-growing markets in the country — and a burgeoning technology hub.
The global brokerage with its North American headquarters in New York City launched an office in Salt Lake City and appointed Bo McNally to serve as the office lead with Nick Teseros. McNally, who recently was promoted to executive managing director, joined Savills in 2021, and Teseros just moved to the firm from rival Newmark.
Savills said the new Salt Lake City office would leverage the firm's resources to win new clients and create partnerships. The brokerage plans to work with clients across several property sectors, including industrial, life sciences, healthcare and professional services users. It also plans to focus on work within the so-called Silicon Slopes, a growing tech area in the Salt Lake Valley.
“Salt Lake City is a logical next step for the firm’s expansion goals, especially as Utah continues to be one of the fastest-growing markets in the nation,” Richard Schuham, vice chairman and director of Savills Northwest Mountain region, said in a statement.
The opening of the Salt Lake City office continues Savills' expansion in the United States, where it has added offices and key hires and acquired boutique brokerages.
In mid-2019, Savills launched a new office in fast-growing Nashville, Tennessee, with a team recruited from rival Cresa. Last year, Savills acquired T3 Advisors, a brokerage shop that specializes in companies involved in the life sciences and has offices in Boston, New York City, San Francisco as well as Palo Alto, California. As part of the acquisition, T3 Advisors was rebranded as "T3 Advisors, A Savills Company."
McNally joined T3 Advisors in 2011 and was a partner when Savills acquired the boutique brokerage. Salt Lake City and Utah have several advantages when it comes to attracting new corporations and startups, he said.
“It’s no secret that Salt Lake City has become a popular destination for companies to plant their respective flags,” McNally said in an email. “Utah boasts an incredibly strong labor market," and it had the second fastest-growing population between 2020 and 2021. "The market offers substantial, cost-effective space options."
Teseros, who spent the past 15 years at Newmark and its predecessors before joining Savills as a senior managing director, has overseen several large build-to-suit projects and headquarters relocations in Salt Lake Valley for clients, including Alliance Data Systems, Clearlink and Esurance.
“Utah’s business-friendly climate and access to outdoor recreation has provided a lifestyle that has accelerated the state’s growth not only organically, but from other parts of the country and world,” Teseros said in a statement.
Kate North, who serves as executive vice president of client experience at Savills, will work with the Salt Lake City office. North oversees the firm’s portfolio solutions hub and serves as a single point of contact for brokers and consultants who have multi-market and multi-service opportunities.
With the opening of its Salt Lake City offices, Savills has more than 40 offices with more than 900 real estate professionals in North America.