The Real Deal New York

Profit drops for Jones Lang LaSalle

July 30, 2008 03:43PM
By Adam Pincus

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Net income for Jones Lang LaSalle fell by 68 percent in the quarter ending June 30, the company reported yesterday.

The Chicago-based real estate service firm said profits decline to $24.5 million on revenues of $659 million in the second quarter, down from $77.9 million in profits on $676 million in revenue in the same period last year.

An increase in management fees offset a decline in the company’s capital markets and hotel operations, the company said.

Jones Lang LaSalle reported $92 million in costs associated with 13 acquisitions completed in 2007 and 10 in the first half of 2008. Its recent $613 million purchase of the Staubach Company was expected to be completed in the third quarter.

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