Savills, which is already active in other commercial real estate sectors in the U.S. and in retail globally, is expanding into the U.S. retail market as the sector rebounds from the COVID-19 pandemic with the return of office workers and tourists boosting foot traffic in urban corridors.
“The launch of Savills Retail in the U.S. reflects our continued investment in North America and commitment to bringing the full scale and sophistication of our global platform to clients here,” Savills CEO David Lipson said in a statement.
Siegel has more than two decades of retail experience and has led leasing for notable Chicago properties including the Willis Tower, which underwent a $500 million redevelopment that added five levels of retail and restaurant space after Blackstone bought it in 2015, and 730 and 980 N. Michigan Ave., as well as high-profile properties in New York, San Francisco, Detroit and Miami. He also represented Eataly for its 65,000-square-foot flagship in Chicago in 2013 as well as Starbucks for its Chicago Roastery at 646 N. Michigan Ave. in 2017.
“Our focus is on advising owners and retailers that see real estate as an extension of their identity, where the right location can elevate a brand, define an asset and shape a community,” Siegel said in the statement.
A CBRE spokesperson declined to comment on the team’s move.
