The Real Deal New York

Profit drops for Jones Lang LaSalle

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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