Jones Lang LaSalle and the Staubach Company finally tied the knot in the early evening yesterday.
Jones Lang LaSalle, the publicly traded global commercial real estate services and investment management firm headquartered in Chicago, is paying Texas-based tenant rep firm Staubach $613 million in cash and stock, plus potential earn out payments of up to $114 million. The deal, to be completed in the third quarter, does not include Staubach’s retail services or investment development business, which will operate under license agreements.
The new firm will have the Jones Lang LaSalle name.
Former star Dallas Cowboys 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.
In fiscal year 2007, Staubach completed 7,280 transactions totaling $28 billion. Jones Lang LaSalle had significantly less global revenue at $2.7 billion in 2007, but its investment management business has about $50 billion of assets under management.
With the addition of more than 1,000 Staubach employees, the two firms will have 33,700 employees worldwide and 11,500 in the U.S. Staubach also adds 14 corporate offices, giving the new company a total of 68 corporate offices in the U.S. and 184 globally.
Peter Hennessy, president of Staubach’s New York region corporate services, said a few hours after the deal closed on Monday, “The culture and core values of collaboration, team work and an almost obsessive focus on client services couldn’t be more aligned. We all view this as the proper evolution of our companies and the best next step to provide the best for our people, clients and partners.”