Acquisition Will Solidify JLL's Market-Leading Presence in San Antonio
SAN ANTONIO, TX -- (Marketwired) -- 06/08/16 --
JLL (NYSE: JLL) has entered into an agreement to acquire Travis Commercial, a San Antonio-based real estate leader in property leasing and management, multi-market corporate services, tenant representation, investment sales, and facilities and construction management. The acquisition, which supports JLL's growth strategy to expand its full-service platform in Texas, is scheduled to close in the next few weeks, subject to customary closing conditions.
The acquisition will significantly strengthen JLL's market position in San Antonio and bring its property management and agency leasing portfolio to approximately 1.8 million square feet and 3 million square feet, respectively, ranking JLL among the top property management firms in the market.
Travis Commercial Principals Mark Krenger, Chuck King and Jeff Miller will join as Managing Directors and share leadership positions of the combined business. Senior team members Roger Hill and Lisa Mittel will join the firm along with more than 30 additional industry experts and staff who will expand and reinforce the region's new full-service platform. Krenger and King will oversee agency leasing, and Miller will lead the tenant representation and markets corporate solutions groups. The newly announced leadership trio will work under the direction of Jeff Staubach and David Carroll, President and Market Director of the South Central Region, respectively.
"Adding Travis Commercial's expertise to JLL will provide better, more comprehensive services to clients in San Antonio and the fast growing central and south Texas markets," said Carroll. "Over the past several years, JLL has nearly doubled its presence in Texas through organic growth as well as acquisitions that complement our existing platform and expand our overall service offerings."
He continued, "We want to be the best provider for our clients and in today's competitive environment it requires a full-service platform."
Travis Commercial was co-founded by Krenger and King in 1998, with Miller joining in 1999, and has since grown into a full-service commercial real estate firm. Krenger has worked in the San Antonio market since 1989, where he has focused on sales, leasing, development, investment sales and property management. King brings nearly 30 years of industry experience to JLL. Throughout his career he has completed over 200 leasing transactions, with several in excess of 100,000 square feet. As a highly-respected industry veteran who launched Travis Commercial's corporate real estate advisory division, Miller joins JLL with over 24 years of experience.
"We expected that our company would eventually need to be part of a larger platform to provide broader services to our clients and more extensive opportunities to our employees," said Krenger. "Joining JLL takes us to that next step with a culture that reflects our shared core values of teamwork, client service and ethical business practices."
San Antonio and the greater South Texas region remain among the healthiest markets in the U.S. despite a recent slowdown in oil production. According to JLL research, Texas will continue to rank among the most favorable markets for corporate relocations due to the state's pro-business environment, central location and consistent employment figures.
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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 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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