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By Crain News Service
RICH('Middle')
Speculation is sweeping through the commercial real estate industry about a bid by Chicago-based Jones Lang LaSalle Inc. to acquire much smaller rival Staubach Co.
Local real estate executives late this week were privately assessing the impact of a merger, as word about a possible deal began to spread.
On Friday, spokeswomen for Jones Lang and Dallas-based Staubach declined to comment to Crain’s about negotiations between the two firms.
The Dallas Morning News reported the rumor on its Web site late Friday afternoon. The paper cites two Texas real estate executives at rival firms who had heard about the merger talks but had no firsthand knowledge.
Privately held Staubach was founded by former Dallas Cowboys quarterback Roger Staubach, who is executive chairman. The company specializes in representing tenants, unlike Jones Lang, which also represents landlords.
For Staubach to sell the firm to a rival firm would surprise many observers. Previously, Staubach was believed to be interested in selling a stake to an outside investor, possibly from outside the country, in a deal that would preserve the company’s independence.
A merger of the two firms would create considerable overlap in the area of tenant representation nationally. Locally, Jones Lang has been more of a presence in property management than tenant representation. The company was listed at the largest nonresidential property manager in the Detroit market, according to the 2008 Crain’s Book of Lists. Staubach completed 1.3 million square feet of leasing and sales in 2007, according to the May 5 Crain’s list of Largest Commercial and Industrial Brokers.
Staubach has an office in Southfield with a staff of nine brokers, according to previous reports. Jones Lang has 300 employees in the Detroit area, a spokeswoman said.
Jones Lang, which has 170 offices worldwide, reported 2007 net income of $256 million and revenues of $2.7 billion. Staubach’s revenues could not be determined.
http://crainsdetroit.com/apps/pbcs.dll/article?AID=/20080527/REG/123858713/-1
RICH('Middle')
Speculation is sweeping through the commercial real estate industry about a bid by Chicago-based Jones Lang LaSalle Inc. to acquire much smaller rival Staubach Co. Local real estate executives late this week were privately assessing the impact of a merger, as word about a possible deal began to spread.
On Friday, spokeswomen for Jones Lang and Dallas-based Staubach declined to comment to Crain’s about negotiations between the two firms.
The Dallas Morning News reported the rumor on its Web site late Friday afternoon. The paper cites two Texas real estate executives at rival firms who had heard about the merger talks but had no firsthand knowledge.
Privately held Staubach was founded by former Dallas Cowboys quarterback Roger Staubach, who is executive chairman. The company specializes in representing tenants, unlike Jones Lang, which also represents landlords.
For Staubach to sell the firm to a rival firm would surprise many observers. Previously, Staubach was believed to be interested in selling a stake to an outside investor, possibly from outside the country, in a deal that would preserve the company’s independence.
A merger of the two firms would create considerable overlap in the area of tenant representation nationally. Locally, Jones Lang has been more of a presence in property management than tenant representation. The company was listed at the largest nonresidential property manager in the Detroit market, according to the 2008 Crain’s Book of Lists. Staubach completed 1.3 million square feet of leasing and sales in 2007, according to the May 5 Crain’s list of Largest Commercial and Industrial Brokers.
Staubach has an office in Southfield with a staff of nine brokers, according to previous reports. Jones Lang has 300 employees in the Detroit area, a spokeswoman said.
Jones Lang, which has 170 offices worldwide, reported 2007 net income of $256 million and revenues of $2.7 billion. Staubach’s revenues could not be determined.
http://crainsdetroit.com/apps/pbcs.dll/article?AID=/20080527/REG/123858713/-1