Chicago is My Home

17
Jun

Jones Lang LaSalle Plans to Buy Texas-Based Staubach Co. For $613 Million

Author: Adam Fendelman, Category: Business

CHICAGO – In a marriage of two real estate power players, commercial real estate firm Jones Lang LaSalle said on Monday it will buy Texas-based Staubach Co. for $613 million.

Under the terms of the agreement, Jones Lang LaSalle will pay $123 million in cash and $100 million in stock at the close of the transaction, which is expected to take place in the third quarter of 2008. The remaining $390 million will be paid out over five years. Further, Staubach could earn an additional $114 million depending on company performance.

Founded by former Dallas Cowboys quarterback Roger Staubach in 1977, Staubachis a real estate firm that specializes in representing tenants in commercial, retail and office space. Its merger with Chicago-based Jones Lang LaSalle will give North America-focused Staubach access to a global platform, executive chairman Roger Staubach said in a Tuesday statement.

He added: “It today’s global economy when many of our clients want an international platform, this merger gives us the opportunity to provide those services seamlessly as one team working together.”

Staubach will join the Jones Lang LaSalle board of directors and will serve the company as its Americas executive chairman.

By Megan O’Neil