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JLL buys capital advisory company for $2B

JLL announced Tuesday that it will acquire Dallas-based HFF, a real estate capital market advisory company, for $2 billion.

JLL, which is the largest commercial property manager in the Baltimore area, said the acquisition will help the company accelerate its growth as a capital markets adviser.

Since 1998, HFF has closed more than $800 billion in over 27,000 transactions, achieving record revenue in 2018 of more than $650 million, according to a news release from the companies. Mark Gibson, CEO of HFF, will join JLL as CEO, Capital Markets, Americas and co-chair of its Global Capital Markets Board.

The transaction has been unanimously approved by the boards of directors of both companies. The acquisition is expected to close in the third quarter of 2019, subject to HFF shareholder approval, closing conditions and regulatory review.

“The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities,” said Christian Ulbrich, global CEO of JLL. “We have long admired HFF for its expertise and leading reputation in the industry, as well as its client-first culture of teamwork, ethics and excellence, which aligns with our own.”



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