In a combination of two real estate firms with expertise in the data center sector, Jones Lang LaSalle (JLL) has agreed to buy Staubach Co. in a deal valued at $725 million. A possible combination between the two companies has been widely rumored in recent weeks.
Staubach Co. was founded in 1977 by Dallas Cowboys quarterback Roger Staubach, who will join the JLL board of directors and will be "actively involved" in the combined firm, serving in the new role of executive chairman for the Americas. Staubach specializes in representing tenants of office, industrial and retail space. The transaction does not include Staubach Retail Services or Cypress Equities, Staubach's investment-development business, which will both continue operations under license agreements.
"This merger is all about working to be the best," said Staubach. "We want to bring the value of what we've built at The Staubach Co. to the next level and have chosen to do this with Jones Lang LaSalle because of its global platform, commitment to service and exceptional reputation. In today's global economy when so many of our clients want an international platform, this merger gives us the opportunity to provide those services seamlessly, as one team working together."
Jones Lang LaSalle had gross revenues of nearly $2.7 billion in 2007, with net income of $258 million. The combined firm will have 33,700 employees around the world and 11,500 in the Americas with the addition of the Staubach employees.
"The Staubach Company is recognized for exceptional tenant representation expertise and is a leading presence in markets throughout the United States," said Colin Dyer, Chief Executive Officer of Jones Lang LaSalle. "We are delighted that they have decided to join our company. Merging our businesses reinforces two of our global growth priorities, building our position in key U.S. local markets and strengthening our corporate services business by introducing Staubach clients to our global Corporate Solutions capabilities."