In line with its disciplined growth strategy, Jones Lang LaSalle Incorporated (JLL - Free Report) announced its acquisition of Seattle-based leading tenant representation firm, Washington Partners Inc., which has enabled the company to enhance its real estate leasing services in the Puget Sound market.
Given Washington Partners’ top-class tenant representation expertise, JLL’s tenant representation and brokerage capabilities will likely receive a boost, and the company will be able to enhance its service offerings for clients. A team of 15 expert professionals from the acquired company, including 11 brokers, will join JLL’s team of 58 employees in Seattle and work directly with the Market Director, Joe Smurdon.
On the other hand, combining with a leading global firm like JLL, which boasts both expertise and resources, provides Washington Partners an excellent opportunity to serve its clients with a broader perspective of services.
Chicago-based JLL is a leading full-service real estate firm that provides corporate, financial and investment management services to corporations, and other real estate owners, users, and investors worldwide. The company reported fourth-quarter 2015 adjusted earnings of $4.53 per share, which missed the Zacks Consensus Estimate of $4.85. Adjusted earnings for fourth-quarter 2014 were $4.33 per share.
Just a couple of days before this acquisition, JLL purchased lease and debt restructuring firm, Huntley, Mullaney, Spargo & Sullivan, Inc. (“HMS”). This buyout enabled JLL to offer a wide range of services to help retailers contain costs and drive profits. (Read more: JLL Acquires HMS to Boost Cost-Control Service for Retailers ).
JLL currently has a Zacks Rank #3 (Hold). Investors interested in the real estate industry may consider stocks like FirstService Corporation (FSV - Free Report) , Kennedy-Wilson Holdings, Inc. (KW - Free Report) and Alexander & Baldwin, Inc. . While FirstService Corporation sports a Zacks Rank #1 (Strong Buy), both Kennedy-Wilson and Alexander & Baldwin hold a Zacks Rank #2 (Buy).
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