Jones Lang LaSalle and The Staubach Co. Reach Merger Agreement
Chicago Jones Lang LaSalle said Monday that it has agreed to pay $613 million to acquire closely held Staubach Co., the Texas-based real estate services firm founded by former Dallas Cowboys quarterback Roger Staubach.
“The Staubach Co. is recognized for exceptional tenant representation expertise and is a leading presence in markets throughout the United States. We are delighted that they have decided to join our company. Merging our businesses reinforces two of our global-growth priorities, building our position in key U.S. local markets and strengthening our corporate-services business by introducing Staubach clients to our global Corporate Solutions capabilities,” said Colin Dyer, CEO, Jones Lang LaSalle.
The combined firm will operate under the Jones Lang LaSalle brand. The transaction does not include Staubach Retail Services or Cypress, Staubach’s investment-development business, both of which will continue to operate under license agreements.
“Staubach Retail and Cypress Equities have always been independently owned and will continue to operate as independent, stand-alone companies with aligned management. Our goal is to double our size and revenue within 3 years,” said Chris Maguire, CEO of Staubach Retail and Cypress Equities.
The ownership and leadership of Staubach Retail and Cypress Equities has a long-term licensing and consulting agreement with Staubach Co. founder Roger Staubach in place through 2019. That agreement will not change.
"Roger will continue to serve on our board and will be an active contributor to our business, including client relations,” Maguire said. "We look forward to his ongoing involvement.”
Maguire said the staff at Staubach Retail and Cypress Equities will remain in place, and leadership is working on an equity/stock ownership plan for employees.