Acquisition Gives Jones Lang LaSalle Industrial Services Strength, Accelerates New Jersey Growth
Chicago and Hasbrouck Heights, N.J., October 25, 2007 – Jones Lang LaSalle Incorporated (NYSE: JLL), the world’s leading real estate services and money management firm, announced today that it has agreed to acquire the assets of Klatskin Associates, LLC and Klatskin Associates Management Company, Inc., the New Jersey operations of the former Lee & Klatskin Associates, the premier provider of integrated industrial real estate services in New Jersey.
The acquisition bolsters Jones Lang LaSalle’s presence in New Jersey and in the industrial services sector by establishing integrated industrial services capabilities with the state’s leading industrial real estate services provider. In addition, 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.
“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,” said 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 leader and 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. The firm’s other principals—Robert Kossar, David Knee, Charles Fern, Joel Lubin and Anthony Scaro—join Jones Lang LaSalle as Executive Vice Presidents. An additional 20 people will join Jones Lang LaSalle from Klatskin.
“We are truly excited about joining Jones Lang LaSalle and look forward to the opportunities that being part of this firm provides,” said Charles 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.”
“New Jersey is the fourth largest industrial market in the United States and, as home to many Fortune 500 companies and the key port of entry for the East Coast, the premier industrial market in the Northeast region,” said Craig Meyer, Director of Jones Lang LaSalle’s national industrial practice. “Bringing on the best team in the market is a perfect way for our firm to expand its industrial presence in this important market.”
With the addition of this new team, Jones Lang LaSalle will have more than 300 employees in New Jersey who provide a broad range of leasing, management, capital markets, advisory, and project and development management services. Klatskin’s Bergen County office, located in Hasbrouck Heights at 777 Terrace Avenue, will become the third Jones Lang LaSalle office in New Jersey. The Klatskin team currently located in the Edison office will move into Jones Lang LaSalle’s Metro Park office by the first of the year, and Jones Lang LaSalle also has an office in Parsippany.
This acquisition is consistent with Jones Lang LaSalle’s commitment to growth and the establishment of the firm as a leader in key markets across the country. It follows the recent acquisitions of Zietsman Realty Partners based in Los Angeles and Corporate Realty Advisors in North Carolina. In 2006, the firm also expanded its presence in Boston and Washington, D.C., through the acquisition of Spaulding & Slye.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to FORTUNE magazine’s “100 Best Companies to Work For” and Forbes magazine’s “400 Best Big Companies,” has approximately 160 offices worldwide and operates in more than 450 cities in over 50 countries. With 2006 revenue of over $2.0 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of over 1.1 billion square feet worldwide. In 2006, the firm completed capital markets sales and acquisitions, debt financing, and equity placements on assets and portfolios valued at $70.9 billion. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse real estate money management firms, with approximately $45.8 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
About Klatskin Associates
Klatskin Associates is recognized as the leading New Jersey industrial real estate firm. Core services offered by the firm include commercial/industrial property leasing, sales, supply chain and logistics consulting, and property management. Since 2004, the company has closed approximately 700 industrial transactions totaling more than 41 million square feet with an aggregate value in excess of $1.6 billion.
Contact: Gayle Kantro
Tel: +1 312 228 2795
Email: gayle.kantro (at) am.jll (dot) com
Contact: Craig Bloomfield
Tel: +1 312 228 2774
Email: craig.bloomfield (at) am.jll (dot) com
