CHARLOTTE, NC-Chicago-based Jones Lang LaSalle Inc. has acquired Corporate Realty Advisors, a corporate advisory services and tenant representation firm. Financial terms of the transaction were not disclosed.

With the acquisition, Jones Lang LaSalle will expand the firm's presence in the Carolinas, which had 150 personnel prior to the acquisition. The firm currently serves about 12 North Carolina-based clients, including Bank of America and Duke Energy, and offers project development, tenant representation and facility management services.

Under the deal, Corporate Realty Advisors managing partners John Stubbs and Austin Koon, partners Michael Morgan and Louis Stephens, and seven additional employees will join Jones Lang LaSalle. Stubbs, Koon, Morgan and Stephens will be managing directors, with the new team reporting to Jones Lang LaSalle managing director Chris Wasko. DLA Piper served as legal advisor to Jones Lang LaSalle in the transaction and Kilpatrick Stockton LLP represented CRA.

Jones Lang LaSalle Corporate Solutions Group CEO Stuart Hicks, who is based in Charlotte, tells GlobeSt.com that Corporate Realty Advisors' experience in the tenant representation field was among reasons it was attractive for acquisition, which is part a broader company strategy to expand services in the Carolinas and select markets throughout the country. “We plan to expand our services lines in the Carolinas,” Hicks says. “This company was culturally compatible with ours.”

Hicks notes that Jones Lang LaSalle will continue to look for similar acquisition opportunities. The company recently acquired Los Angeles-based Zietsman Realty Partners and, in 2006, acquired Spaulding & Slye, which expanded its presence in Boston and Washington, DC. “The majority of our growth has been organic, but we have made some selective acquisitions over the past few years,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

National