Jones Lang LaSalle Inc. recently announced its plans to acquire the assets of The Standard Group. Jones Lang LaSalle is a leading real estate services and money management firm headquartered in Chicago, and Chicago-based The Standard Group's comprehensive portfolio advisory, site selection, and rollout services will bolster Jones Lang LaSalle's nationwide retail services that include multi-site project management and facility management for retail stores as well as leasing, management, and advisory services for 150 retail properties.
"This acquisition, which will add significant depth to our retail transaction management capability, is consistent with our strategy of reinforcing our leadership in key markets across the country and in all aspects of real estate services," says Peter Roberts, CEO at Jones Lang LaSalle Americas. "The addition of The Standard Group strengthens our ability to meet growing demand from retail clients for comprehensive transaction management services."
The Standard Group's Joseph Brady, Branson Edwards, and Lewis Kornberg will join Jones Lang LaSalle as managing directors and will be based in Chicago. An additional 14 employees will join the firm and operate across the United States - in Atlanta, Chicago, Los Angeles, Portland, Seattle, St. Louis, and Washington, D.C.
"The retail real estate outsourcing business has changed dramatically since we founded our firm over 7 years ago," says Lew Kornberg, managing director of The Standard Group. "Jones Lang LaSalle provides the perfect complement to The Standard Group's transaction business and allows our clients to leverage a far greater platform of services."
Greg Maloney, CEO and president of Jones Lang LaSalle Retail, adds, "As the largest third-party manager of retail properties in the United States, we come in contact with hundreds of retailers every day. They've been asking us to offer more comprehensive retail real estate services and, now, Jones Lang LaSalle will have a complete outsourced offering for leading retailers."
The Standard Group's clients include some leading national retailers such as T-Mobile USA, Jamba Juice, and Bright Now! Dental.
This acquisition announcement follows on the heels of Jones Lang LaSalle's recent U.S.-based acquisitions of industrial leader Klatskin Associates, Corporate Realty Advisors in North Carolina, and Zietsman Realty Partners based in Los Angeles. In 2006, the firm expanded its presence in Boston and Washington, D.C., through the acquisition of Spaulding & Slye.
Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of more than 1.3 billion square feet worldwide.