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JLL Paying $150M-Plus for New England, DC Specialists

CHICAGO-Gaining a presence in the Boston market, as well as doubling its staff in the Washington, DC area, motivate Jones Lang LaSalle to pay up to $185 million for privately held Spaulding & Slye.

By Mark Ruda | Updated on November 28, 2005

CHICAGO-Jones Lang LaSalle is paying at least $150 million for Spaulding & Slye’s real estate service and investment operations, beefing up its presence in New England as well as Washington, DC. The merger is expected to result in the privately held Spaulding & Slye’s 500 employees moving into similar roles with Jones Lang LaSalle, as well as senior management from the acquired company holding key positions.

In addition to getting $150 million at closing, Spaulding & Slye will get $20 million two years later and another $15 million after three years. The company’s current owners have a chance for additional money through an earn-out based on the performance of both companies’ operations in Boston and Washington, DC over the next three years.

“We only have a limited presence in Boston, and it’s a market we’ve targeted for growth,” said chief executive officer Colin Dyer during a conference call Monday. Meanwhile, both companies have a work force of 200 each in the Washington, DC market, which Dyer noted is “one of the fastest growing commercial real estate markets.”

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