SOURCE: JLL

JLL

December 01, 2015 07:00 ET

JLL to Expand in Baltimore With Acquisition of CIB and CIB Management

Leader in Property Management and Brokerage Will Expand JLL's Reach in the Market

BALTIMORE, MD--(Marketwired - Dec 1, 2015) - JLL (NYSE: JLL) will significantly increase its size and scope of services in Greater Baltimore with the acquisition of CIB Management, LLC, the market's largest commercial property manager, and CIB, LLC, a leading provider of brokerage services. The firms have entered into an agreement for the acquisition that is expected to close by January 2016, subject to customary closing conditions.

"CIB and CIB Management are well-regarded leaders in the Baltimore market whose people have a stellar reputation for their deep local knowledge and extensive client relationships," said Mark Levy, Market Leader for Greater Baltimore, JLL. "Bringing them into JLL will add supercharged property management and agency leasing services to our solid tenant representation and industrial property management capabilities. Their focus on integrity, excellence and client service make them a perfect fit in our organization and increase our ability to create real value for our clients."

The combined team of approximately 80 property management and brokerage experts is expected to join JLL at closing. Tim Hearn, the groups' CEO, will have a leadership role with JLL as the Regional Director of Mid-Atlantic Property Management. Hearn and his colleagues have successfully led both CIB and CIB Management into market-leading positions while representing some of the largest property owners and companies in the Baltimore market.

"Together, we'll immediately expand the scope of services we provide to investors who have significant holdings in Washington DC, Virginia and suburban Maryland," said Michael Ellis, Mid-Atlantic Market Director for JLL. "With the addition of CIBM's property management portfolio of 15 million square feet in Greater Baltimore, we'll be able to build on our substantial combined total of 40 million square feet under management to rapidly grow our leadership position in the Mid-Atlantic region."

About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

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