Chicago-based Jones Lang LaSalle (NYSE: JLL) has agreed to buy Klatskin Associates and Klatskin Associates Management Company, Inc., the New Jersey arm of the former industrial real estate firm Lee & Klatskin Associates. Terms of the deal such as the acquisition cost weren’t disclosed.
The acquisition expands Jones Lang LaSalle’s New Jersey presence to Bergen County with an office in Hasbrouck Heights, its third corporate office in New Jersey. New Jersey is the fourth largest industrial market in the nation.
“The addition of Klatskin Associates to our firm advances several of our strategic goals in the Americas: commanding a major presence in key markets, expanding our national industrial brokerage business, and continually improving our client service capabilities,” says Peter Riguardi, President of Jones Lang LaSalle’s Tri-State Region.
“The combination of our two firms solidifies our leadership position in New Jersey, adds an important piece to our national industrial services platform, and reinforces our commitment to providing a full range of high quality real estate services to corporate and investor clients.”
Charles Klatskin, a pioneer in the industrial sector of the real estate industry for more than 40 years, will play a key advisory role for the New Jersey team.
“We are truly excited about joining Jones Lang LaSalle and look forward to the opportunities that being part of this firm provides,” says Klatskin. “The combination of our industrial expertise and local knowledge with Jones Lang LaSalle’s depth of services and global coverage will provide our clients with the ultimate real estate services team.”
The Klatskin Associates name will be retired after the deal has closed.