Peter Roberts, Jones Lang LaSalle\u2019s CEO of the Americas, said the complementary cultures of the two firms was a major reason behind the merger of Jones Lang LaSalle and The Staubach Co., which was announced Monday evening. The desire of clients to deal with one service provider was also another strong reason for the two companies to combine, he said. \u201cWhat drove this was our clients\u2019 needs, and the opportunities it will create for our people,\u201d Roberts (pictured) noted. \u201cWe saw the opportunity to serve our clients with one global platform.\u201d Talks with Staubach intensified over the last six months, Roberts said. Plans to integrate the two companies have begun in earnest, but will not be implemented until the deal closes, slated for this year\u2019s third quarter. Roberts predicted the combination will be successful because key Staubach executives will be actively involved in the firm. Roger Staubach, who founded The Staubach Co. 31 years ago, will join Jones Lang LaSalle\u2019s board of directors, while Greg O\u2019Brien, Staubach\u2019s CEO, will become CEO of brokerage, Americas, heading the new brokerage division. John Gates, currently Staubach\u2019s president & COO, will serve as president of brokerage, Americas. In a note on the transaction, analysts Brandon Dobell and Robert Riggs of William Blair & Co., said \u201ctenant representation accounted for 8 percent (approximately $215 million) of Jones Lang LaSalle\u2019s 2007 consolidation revenue and would account for roughly 16 percent (just under $500 million) on a pro forma basis.\u201d Corporate tenants are demanding a full range of services from their service providers today, O\u2019Brien said. He noted that Staubach does not have a facilities management division, while Jones Lang LaSalle does. And, while Staubach does have a design and construction division of 120 employees, Jones Lang LaSalle\u2019s division encompasses 1,300 employees. Jones Lang LaSalle\u2019s global presence is also increasingly attractive to corporate clients, many of whom are focused on expanding globally, O\u2019Brien said. The industry at large sat up and took note of last night’s deal. \u201cFirst and foremost, I want to congratulate these companies on this deal,\u201d said Brett White, president & CEO of CB Richard Ellis Inc. \u201cThey are two terrific companies.\u201d White went on to call Roger Staubach an \u201cicon\u201d in the industry. The transaction underscores the desirability of industry consolidation, he said, and also proves that the tenant-only representation model is \u201cnot particularly compelling.\u201d \u201cI think the industry will be better for it,\u201d said Jeff Turner, executive vice president of Duke Realty Corp. The firm\u2019s south regional offices are in Dallas, and Turner has worked extensively with both companies. \u201cThere has been a lot of thought put into this. The whole is greater than the sum of the parts, and who would understand that better than Roger Staubach?\u201d The merger opens up a market opportunity for Studley, the tenant representation firm, according to the firm\u2019s president, Michael Colacino. \u201cIndustry consolidation brings clarity,\u201d he said. \u201cIf you looked at Staubach\u2019s Website, and ours, they were very similar. The fewer people who do what we do, the better we like it.\u201dZaya Younan, chairman & CEO of Younan Properties, an office building owner, also was positive about the combination. \u201cIt will help us to have a single point of contact for all of our needs, rather than having to deal with two different companies that have two different philosophies.\u201d He said the company will provide \u201cstrong competition\u201d to CB Richard Ellis.<\/p>\n","protected":false},"excerpt":{"rendered":"
Peter Roberts, Jones Lang LaSalle\u2019s CEO of the Americas, said the complementary cultures of the two firms was a major reason behind the merger of Jones Lang LaSalle and The Staubach Co., which was announced Monday evening. The desire of clients to deal with one service provider was also another strong reason for the two…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003817406","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n