JLL has agreed to acquire commercial real estate finance intermediary HFF, Inc., in a $2 billion deal.
HFF is one of the largest commercial real estate capital markets intermediaries in the U.S. Since 1998 the company has closed more than 27,000 transactions worth more than $800 billion. Its total revenue last year exceeded $650 billion.
Mark Gibson, HFF’s CEO, will join JLL as CEO, Capital Markets, Americas, and will serve as co-chairman of its Global Capital Markets Board.
"Increasing the scale of our Capital Markets business is one of the key priorities in our Beyond strategic vision to drive long-term sustainable and profitable growth,” said Christian Ulbrich, Global CEO of JLL, in a prepared statement. “The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities."
The deal will allow JLL to boost its capital markets services, as well as accelerate the growth of its debt advisory business in Europe and the Asia Pacific region, according to the statement.
The deal has been approved by the boards of both companies, and is subject to HFF shareholder agreement.
By Edmund Mander