Savills acquires London-based firm – London Wallet

Savills has completed the acquisition of flexible advisory business Situu in a deal that will expand the group’s flexible office platform, Workthere.

Established in 2019 by its four co-founders, Dan Brown, Tom Leahy, Peter Hall and Harry Murphy, Situu is now a 10-strong London based agency who specialise in the delivery and marketing of managed office space on behalf of landlords.

In addition, the company secures serviced, managed and leased space for occupiers and serviced office operators across the capital.

At Savills, Situu will be combined with Workthere, adding to its existing flexible office advisory service for occupiers, operators and landlords, creating a fully comprehensive offer that operates across the entire flexible office spectrum.

Cal Lee, global head of Workthere, said: “This acquisition responds to a structural change in office leasing markets and the growing need to provide specialist flex advisory services to landlords, investors and operators, as well as occupiers in this growing sector.

“Workthere and Situu have complementary strengths, with Situu focussed very much on the flex managed leasing market which, combined with our existing occupier services and leasing offer at Savills, will allow us to offer a broad, best in class, flex advisory for clients. We are looking forward to progressing this strategy with Situu on board.”

Savills launched Workthere in early 2017, to help growing businesses find flexible, co-working and serviced office space across Europe, America and Asia.

Workthere allows providers to let their space and occupiers to identify flexible working space that fits their individual needs.

The platform services the entire flexible work space market.

Peter Hall, on behalf of the Situu co-founders, commented: “Having grown our business over the last four years, it now feels like the right time to be taking the next step that will allow us scale the business further. Being part of Workthere, with the overarching support of Savills, will allow us to offer new and existing clients a more comprehensive service, whilst also opening doors to more of Savills existing client base. Occupiers looking for sub 10,000 sq. ft. are increasingly looking to serviced and managed space to provide a solution, and with this trend set to continue in the long term, the opportunities for the flex sector to evolve further are considerable.”