Wednesday, June 18, 2008

Staubach Sells To Jones Lang LaSalle!

Former Dallas Cowboys quarterback Roger Staubach has sold his commercial real estate brokerage to Jones Lang LaSalle Inc. for $613 million, plus $114 million in potential performance bonuses.

Dallas-based Staubach is one of the nation's largest independent real estate brokerage firms, helping clients find office, industrial, and retail space. The company has more than 70 offices in North America and about 1,600 employees. The company will now operate under the Jones Lang LaSalle brand — except for Staubach Retail Services or Cypress and Staubach's investment development business, which were not part of the transaction.

Chicago-based Jones Lang has annual revenue of $2.65 billion and more than 170 offices worldwide.

The 66-year-old Staubach stepped down last year as CEO but remained chairman of the company he founded in 1977 as part of a larger management reorganization and recapitalization. He will join the Jones Lang board as executive chairman, Americas.

Source: The Associated Press