After months of speculation that the firm would be bought out, New York-based tenant representation firm Julien J. Studley has announced a major change in its management and ownership structure. The terms of the buyout were not disclosed, but a statement issued by the firm said that 45 Studley managers and brokers pooled equity to buy the firm.

The new principals for the firm, founded in 1954 by Julien Studley, are Mitchell Steir, Michael Colacino and Mark Jaccom. Since its creation, the firm has been employee-owned and managed.

Studley will transfer the titles of chairman and chief executive officer to Steir, while the founder’s new title will be founding chairman. Steir began working at the firm in 1988 and has represented several high-profile clients, including AOL Time Warner, Polo Ralph Lauren and Tiffany & Co.

"The leadership is now in place to maintain our position as a leading tenant representative firm. We hope to continue being the best firm in that area, while expanding our successful business model into related areas," said Steir in a written statement.

Studley, which is privately held, is currently reporting healthy levels of business despite a marked slowdown in transactions over the past few years. Officials at the firm estimate that its 2002 revenues will be 20% higher than last year’s numbers.