JLL Acquires Colliers' Former Baltimore Affiliate

BALTIMORE, MD—JLL is acquiring CIB's property management and brokerage services operations, a former affiliate of Colliers International. CIB and Colliers terminated their relationship in October 2015. The acquisition agreement between JLL and CIB is expected to close by January 2016, subject to customary closing conditions.

The acquisition will more than triple JLL's headcount in this market, to a total of 115 people after the 80 CIB employees join. Group CEO Tim Hearn is also joining as JLL's regional director of Mid-Atlantic Property Management.

The acquisition is very synergist, with no to little overlap between the two operations, Mark Levy, JLL's market leader for Greater Baltimore, told GlobeSt.com.

"CIB will give us a significant boost in the property management side as they are bringing 15 million square feet of assets under management," Levy said. "That puts us as No. 1 for property management in the Greater Baltimore area," with a total of 40 million square feet under management.

CIB will also strengthen JLL's local tenant rep service practice, Levy added. Last but certainly not least, the acquisition will deliver "north of 50 new clients" to JLL, he said.

Indeed, this deal is probably the most significant development for JLL's local operatons since the company first entered the market in 2008 via its national acquisition of Staubach.  Since then JLL has slowly added to the local team, except for a brief hiring surge in 2013 when it brought on 15 or so new staffers. 

JLL will continue to add to its Baltimore office headcount, Levy said. "There are a number of other hires we are thinking about right now as well."

JLL and CIB began discussing a possible acquisition about a year ago. The first order of business, Levy said, was to ensure the two were a good corporate fit. If they hadn't been "the deal never would have moved forward. For JLL, culture is non-negotiable."