X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Jones Lang LaSalle Inc. has completed its acquisition of the Dallas-based Staubach Co., a transaction valued at about $727 million, including $100 million in stock and $114 million that may be paid out in achievement of certain performance metrics. Though various senior officials are scattered throughout the country, the company will be called Jones Lang LaSalle, and will be based in Chicago.

Greg O’Brien, the former CEO of Staubach, will now serve as CEO of brokerage for the US. John Gates, former Staubach president and COO, is now president of brokerage under O’Brien. “There are a few of us who are melancholy about the name change, I worked at Staubach for 16 years,” O’Brien tells GlobeSt.com. “Staubach will be an important part of our history, we’re proud of what we built. But we’re excited about the global brand, and proud to be joining what JLL stands for.”

He says it became clear to Staubach executives that more than brokerage was needed to serve customers today. “We just weren’t able to solve the complete problem for our clients, we were stretching to solve certain problems,” O’Brien says. He says JLL was the same way. “We each needed what the other had.” More than 1,000 Staubach employees have joined into the JLL name.

Founder Roger Staubach, the football legend, will join the JLL Board of Directors and will have a new role as executive chairman, Americas, where he will focus on client relationships, new business development and strategy, according to a JLL statement. O’Brien and Gates will join the firm’s Americas Executive Committee, which is headed by JLL CEO, Americas Peter Roberts. “The overwhelmingly positive reaction we have received since announcing the merger agreement last month has reinforced our conviction that we are doing the right thing for our clients and our people,” Staubach said in the statement.

In compensation, JLL paid $123 million in a combination of cash and assumed net liabilities, along with the $100 million in stock at closing. The company plans an additional $390 million paid out in cash during the next five years, for all of the outstanding capital stock of Staubach Holdings Inc. Potential earn-out payments of up to $114 million will be paid subject to the metrics, the statement said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.