Jones Lang LaSalle, the Chicago-based real estate services firm, has bought East Coast-based real estateSpaulding & Slye for $150 million. Absorbing the Boston-based brokerage should strengthen Jones Lang LaSalle’s presence in both New England and Washington, D.C.
The, which was formally announced yesterday, will be financed by Jones Lang LaSalle’s revolving credit facility. Shareholders have approved of the merger, but the closing is still subject to other conditions.
“Bringing Jones Lang LaSalle and Spaulding & Slye together— two leading firms recognized for their commitment to client service — will create a combined market position in the Americas with deeper resources and greater synergy across the full scope of real estate services that we provide to our clients,” said Colin Dyer, chief executive officer at Jones Lang LaSalle, in a written statement.
Privately held Spaulding & Slye employs 500 people, all of which are expected to be absorbed into Jones Lang LaSalle. The combined firm will have 915 million sq. ft. under management.
On Monday, shares of Jones Lang LaSalle (NYSE: JLL) fell by 4.16% to end trading at $50.02.