Jones Lang LaSalle acquires Staubach
Jones Lang LaSalle and the Staubach Company finalized a merger last month in a deal worth $613 million. Jones Lang LaSalle, the publicly traded global commercial real estate services and investment management firm, is paying tenant rep firm Staubach in cash and stock options, plus potential earn-out payments of up to $114 million. Former Dallas Cowboys star quarterback Roger Staubach, who founded the Staubach firm in 1977 and was the company’s executive chairman, will be on Jones Lang LaSalle’s board of directors and will serve as executive chairman of the Americas (see JLL merger shakes things up).
NYU-Polytechnic merger approved
The New York State Education Department’s Board of Regents approved a merger between New York University and Brooklyn’s Polytechnic University at its board meeting last month. The controversial merger will make NYU the effective owner of Polytechnic University and all of its real estate holdings. Opponents of the merger at Polytechnic, to be renamed the Polytechnic Institute of New York University, have said NYU was most interested in acquiring the historic school’s Downtown Brooklyn property.
Metro launches real estate mag with REBNY
Metro Newspapers and the Real Estate Board of New York’s residential property listing Web site together announced a new glossy real estate magazine that will be published quarterly. “At Home with Metro” features spotlights on neighborhoods like Williamsburg and East Harlem, market analysis and an architectural feature called “Architectural Idol,” which recently profiled the “psycho killer modern” design of architect Janna Levenstein in West Hollywood. The magazine showcases new decorating styles and “domestic genius” tips for common household problems like removing stains.
Cresa Partners, Horizon merge
Corporate real estate advisory firm Cresa Partners announced last month that it had merged with New York-based real estate consulting firm Horizon to form Cresa Partners Integrated Services. Together, the two companies plan to expand strategic planning and facilities consulting services in the New York region. Horizon principals Keith Keppler and Kent Holliday will become principals of Cresa Partners Integrated Services.
Trump sells Atlantic City casino for $316 million
Donald Trump was expected to sell the Trump Marina Hotel Casino in Atlantic City for $316 million last month to New York-based Coastal Marina, an affiliate of Coastal Development, the Associated Press reported. It will be renamed Margaritaville. Trump Entertainment’s two remaining Atlantic City casinos are the Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino.
Jeter gym grand opening announced
New York Yankees captain Derek Jeter was slated to open his new Flatiron gym, called 24 Hour Fitness Derek Jeter, late last month. Jeter partnered with 24 Hour Fitness Worldwide to establish the national chain’s first New York City health club, a 28,000-square-foot, full-service gym at 225 Fifth Avenue and 26th Street at Madison Square Park. Jeter’s name will be on two other Manhattan 24 Hour Fitness gyms: a 31,000-square-foot gym at 600 Broadway, near Prince Street in Soho, to open at the end of the year, and one in the Citigroup Center at 153 East 53rd Street at Lexington Avenue, slated to open next June.
SSJ Development creates construction arm
Local developer SSJ Development has launched SSJ Construction to help accelerate the development of the company’s projects. The newly formed group plans to speed up
the construction of a planned $30 million waterfront Brooklyn development in Gerritsen Beach called the Riviera. That project calls for single- and two-family townhouses, waterfront promenades, renovated docks and boat slips, and communal pools.
Alpha Equity forms joint venture with Praedium
Two locally based companies, Alpha Equity Management and the Praedium Group, have formed a joint venture to manage and develop investment products focused on publicly traded real estate securities. Alpha Equity is an investment management firm specializing in long/short equity strategies, while Praedium focuses on acquiring distressed real estate assets.