DALLAS-With an agreement in hand through 2019, Staubach Retail and Cypress Equities are holding fast to the Staubach name and their founder as their signature branding passes to Jones Lang LaSalle for $613 million. Roger Staubach remains rooted as consultant and a member of the board of directors of the retail and development shops.
Clay Smith, president of the 22-year-old Staubach Retail, tells GlobeSt.com that there were preliminary discussions for the pair of independent companies to sell with the Staubach Co. “But, we early on determined the timing wasn’t right for either one of us. We’re really a growth company,” he says. “The best course of action for our company was to be independent so we could be flexible and responsive to the retail market.” And, he confirms, there is no agreement in place for a roll in the future to JLL.
Smith says the transition will take 60 to 90 days to complete so the companies can go their separate ways, divvying the team and the operations. Staubach Retail, now 310 of the 1,500-employee corporate hierarchy, will double in size within three years, he says, adding the upcoming transition will determine the exact head count for the near term. Cypress Equities, a national mixed-use developer, has 135 employees.
None of the C-suite is expected to change in the aftermath of the Staubach Co. pass to JLL. “It will be business as usual,” Chris Maguire, CEO of Staubach Retail and Cypress Equities, says in a press release.
As the divorce moves toward completion, the corporate chiefs of Staubach Retail and Cypress Equities will be working on a plan to offer shares to employees. Last year, Staubach Retail generated $80 million in commission revenue.
Despite Staubach Co.’s sale, Smith points out that Roger Staubach has and always will be “committed” to retail. “He has assured us on numerous occasions that he is always going to be involved in our business,” Smith stresses.
A Staubach Retail spokeswoman says the retail and development companies also are keeping a plan intact to move their headquarters operations in May 2009 to 8343 Douglas Ave., a 141,000-sf class A office building that’s under construction in Preston Center. Whether the just-sold group sets up shop in the building has yet to be determined. The Staubach companies now office in Addison Circle.