Clay Smith, president of the 22-year-old Staubach Retail, tells GlobeSt.com that there were preliminary discussions for the pair of independent companies to sell with the Staubach Co. "But, we early on determined the timing wasn't right for either one of us. We're really a growth company," he says. "The best course of action for our company was to be independent so we could be flexible and responsive to the retail market." And, he confirms, there is no agreement in place for a roll in the future to JLL.
Smith says the transition will take 60 to 90 days to complete so the companies can go their separate ways, divvying the team and the operations. Staubach Retail, now 310 of the 1,500-employee corporate hierarchy, will double in size within three years, he says, adding the upcoming transition will determine the exact head count for the near term. Cypress Equities, a national mixed-use developer, has 135 employees.
None of the C-suite is expected to change in the aftermath of the Staubach Co. pass to JLL. "It will be business as usual," Chris Maguire, CEO of Staubach Retail and Cypress Equities, says in a press release.
As the divorce moves toward completion, the corporate chiefs of Staubach Retail and Cypress Equities will be working on a plan to offer shares to employees. Last year, Staubach Retail generated $80 million in commission revenue.
Despite Staubach Co.'s sale, Smith points out that Roger Staubach has and always will be "committed" to retail. "He has assured us on numerous occasions that he is always going to be involved in our business," Smith stresses.
A Staubach Retail spokeswoman says the retail and development companies also are keeping a plan intact to move their headquarters operations in May 2009 to 8343 Douglas Ave., a 141,000-sf class A office building that's under construction in Preston Center. Whether the just-sold group sets up shop in the building has yet to be determined. The Staubach companies now office in Addison Circle.
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
Already have an account? Sign In Now
*May exclude premium content© 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.
