NEW YORK, Nov. 25, 2019 /PRNewswire/ — SquareFoot (www.squarefoot.com), a new kind of commercial real estate company, today announced that Michael Colacino has joined in the role of president – a first for the company. Colacino previously served as president of Savills from 2002 to 2018 and was instrumental in a 2014 merger that led to the formation of real estate powerhouse Savills Studley.
The news comes mere weeks after SquareFoot’s recent announcement of a $16 million Series B financing round that will go toward further investments in technology, marketing, personnel, and new market expansion. SquareFoot has completed over 1,200 deals to date and has doubled its revenue each of the past two years. Initially approached to be a strategic adviser as part of SquareFoot’s financing round, Colacino suggested that he could offer greater value in a more formal position by shepherding the next stage of growth for the business.
“Whenever you have the chance to bring aboard a superstar with 30 years of experience like Michael, you leap at the opportunity,” said SquareFoot CEO and co-founder Jonathan Wasserstrum. “We have built something special over the past handful of years, and Michael is the right person to help us usher in the next decade for SquareFoot. This is a dream hire, and I look forward to seeing where Michael takes us next.”
Most notably, Colacino led the team that brought Time Warner to its Columbus Circle location in New York City, and more recently relocated Time Warner to an iconic new building in Hudson Yards. In addition to working on dozens of large-scale leases for companies such as Microsoft and Credit Agricole, Colacino has also represented many large law firms including Willkie Farr & Gallagher and Pillsbury Winthrop Shaw Pittman. As a consultant and broker, Colacino has worked on portfolios of smaller-scale transactions in multiple markets for corporate accounts such as MeadWestvaco and NBC.
“Since the start of my career, I’ve been passionate about helping companies to grow, and about applying technology to real estate,” said Colacino. “SquareFoot has created a platform that provides evolving companies with multiple solutions – more than any traditional brokerage. I’m energized by a place that’s defining the future of tenant representation, and real estate brokerage generally. This is a very exciting place to be right now!”
About SquareFoot: SquareFoot is a new kind of commercial real estate company that helps companies win at finding their next (and next) office, providing transparent access to inventory, brokerage services, and a flexible space offering. SquareFoot brings together technological innovation and human expertise to solve clients’ needs. The company has executed over 1,200 leases to date. For more about SquareFoot, visit www.squarefoot.com.