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May 28, 2020
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JLL to Acquire HFF in $2 Bil Deal


Real estate services firm JLL has agreed to acquire HFF in a deal worth about $2 bil in cash and stock. The deal, valued at just over $49 per share for HFF’s stock, still needs HFF shareholder approval. Both companies’ boards have approved the merger.

The completed transaction will leave JLL shareholders with 87% of the new firm, while HFF shareholders will end up with 13%. The merger is expected to provide $28 mil in cost savings over the first 12 months, along with an increase in fee revenues.

JLL is headquartered in Chicago. HFF is based out of Dallas. The firms have worked together in the past, including co-brokering Blackstone’s $640 mil sale of 5 Bryant Park, a 683k sf Midtown NY building, to Savanna.

HFF is one of the largest and most successful commercial real estate capital markets intermediaries in the U.S., marked by decades-long relationships with clients, a talented leadership team and best-in-class capital markets advisors. Since 1998, HFF has closed more than $800 billion in over 27,000 transactions, achieving record revenue in 2018 of more than $650 million. Mark Gibson, CEO of HFF, will join JLL as CEO, Capital Markets, Americas and Co-Chair of its Global Capital Markets Board.

“Increasing the scale of our Capital Markets business is one of the key priorities in our Beyond strategic vision to drive long-term sustainable and profitable growth. The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities,” said Christian Ulbrich, Global CEO of JLL. “We have long admired HFF for its expertise and leading reputation in the industry, as well as its client-first culture of teamwork, ethics and excellence, which aligns with our own. I believe that combining our organizations will deliver a range of compelling benefits for our clients, employees and shareholders.”

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