JLL Buys CIB and CIB Management to Expand in Baltimore
In a bid to broaden its services in Greater Baltimore, Jones Lang LaSalle Incorporated JLL has inked a deal to acquire CIB, LLC, a leading provider of brokerage services and CIB Management, LLC, a popular commercial property manager. These well-reputed firms in the Baltimore area come with huge knowledge about local market and strong client relationships, both of which will aid Chicago-based JLL, going forward.
Subject to the fulfillment of certain customary closing conditions, the acquisition is anticipated to close by Jan 2016. Upon closing, a team of around 80 property management and brokerage experts is expected to join JLL. The CEO of CIB and CIB Management group, Tim Hearn, will serve as the regional director of Mid-Atlantic Property Management at JLL.
JLL is a leading full-service real estate firm that provides corporate, financial and investment management services to real estate owners, users, and investors worldwide. We believe JLL’s strong industrial property management capabilities and tenant reputation will be suitably supplemented by the group’s property management and agency leasing services.
JLL currently carries a Zacks Rank #2 (Buy).
Investors interested in the real estate operations industry may also consider stocks like Colliers International Group Inc. CIGI, Hang Lung Properties Limited HLPPY and Henderson Land Development Co. Ltd. HLDCY. While Colliers International Group sports a Zacks Rank #1 (Strong Buy), both Hang Lung Properties and Henderson Land Development hold the same Zacks Rank as JLL.
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