By Joshua Burd
Real estate services firm JLL has closed on its $1.8 billion acquisition of HFF, greatly expanding its capital markets platform under a blockbuster deal announced earlier this year.
The firms announced Monday that HFF shareholders have approved the cash and stock transaction, which was first detailed in March. With the deal, JLL adds a platform that had more than $650 million in revenue in 2018 and some 1,050 employees, with a deep knowledge of U.S. and global markets.
That includes a New Jersey team that has inked some of the state’s largest and highest-profile investment sales and debt and equity deals in recent years. The team of about 30, located in Morristown, is led by industry veterans Jose Cruz and Jon Mikula.
JLL has offices in East Rutherford, Parsippany, Iselin and Cherry Hill. The Chicago-based company overall has more than 3,700 capital markets professionals across 47 countries.
“We are delighted to bring together JLL and HFF to create one of the most strategic, connected and creative capital advisors in the world,” said Christian Ulbrich, global CEO of JLL. “By combining the impressive capabilities, talent and expertise that distinguish both organizations, we will deliver exciting new growth opportunities and ensure we are best positioned to achieve ambitions for our clients and all our stakeholders.
“We warmly welcome our new HFF colleagues to the JLL family.”
With the acquisition complete, former HFF chief executive Mark Gibson joins JLL as CEO, capital markets, Americas and co-chair of its Global Capital Markets Board.
“The response from our clients, brokers and shareholders has been overwhelmingly positive,” Gibson said. “Joining JLL marks an exciting new chapter in our history. It provides our team a tremendous opportunity to join a full-service real estate firm with a global presence and a client-centric, collaborative culture that closely aligns with our own. We look forward to working together to grow JLL’s Capital Markets business and bring expanded services to our clients.”
HFF is now wholly owned by JLL and certain of its subsidiaries and will do business as JLL, according to a news release. HFF’s common stock, which previously traded under the ticker symbol “HF,” has ceased trading and was delisted from the New York Stock Exchange.
The $1.8 billion purchase price consisted of a combination of cash and JLL stock.