Cresa, the largest tenant representation firm in North America, has formed a joint venture, SavillsCresa LLC, with international real estate advisor Savills.

In May, the two companies formed a "strategic alliance." Under terms of the joint venture, SavillsCresa will pursue and service companies which are not currently a client of either Savills or Cresa. SavillsCresa clients will benefit from global expertise along with the simplicity of signing a single contract for worldwide real estate services, according to a statement. The joint venture expands upon the strategic partnership formed by the two companies earlier this year.

Headquartered in Boston, Cresa is comprised of more than 55 offices across North America with more than 850 employees. The firm, formerly known as CresaPartners, was founded in 1993 when leading regional tenant representation firms joined forces.

Global real estate services provider Savills plc offers a network of more than 200 offices in 40 countries. The firm, listed on the London Stock Exchange, provides clients with a broad range of specialist advisory, management and transactional services.

"SavillsCresa meets an increased demand in the market for seamless global client service with local market insights," said Bill Goade, CEO of Cresa. "Cresa and Savills are both distinguished by their collaborative and consultative approach to client service, and now this capability will be available to clients anywhere in the world."

"Our successful alliance with Cresa pointed quite logically toward the value of a deepened relationship between our two companies," said Jeremy Helsby, CEO of Savills plc. "SavillsCresa provides a unique international global service capability which we believe many companies will find quite attractive as they expand around the world."