Jones Lang LaSalle has broadened its business in the Western Australia with the takeover of leading commercial property agents, NSC Corporate.
NSC Corporate will bring 31 property professionals to JLL to establish a total of 180 staff in WA, making it the largest commercial agency in the state.
NSC Corporate’s joint managing directors Steve Carulli and Nick Stanisis will join the firm as joint managing directors of JLL’s West Australian business.
JLL’s former managing director Graham Kennedy, who has been instrumental in negotiating the agreement, will remain a strategic member of the executive team in his role as national head of advisory.
JLL’s Australian chief executive Christine Bartlett said the acquisition of NSC provides a strong strategic fit into the Australian business and NSC brings an impressive client base to JLL within Australia’s second fastest growing state.
“Just as the West Australian economy has seen 7.0% growth over the year to September 2006, so too Jones Lang LaSalle’s WA business has seen phenomenal growth.
“The acquisition brings considerable value to our shareholders. It is a solid cultural fit and will deepen our agency strength significantly in Western Australia. As a result, Jones Lang LaSalle expects an anticipated 60% increase in revenue from the state,” she added.
Carulli said joining JLL was attractive due to the close cultural alignment and well established global brand.
Stanisis said the agreement will allow the new firm to offer clients an expanded integrated service offering through the JLL global network as well as strong career opportunities for our highly valued staff.
This acquisition follows a number of strategic acquisitions around the globe for the firm over the past 12 months, including United States construction, investment and agency business, Spaulding & Slye in January, United Kingdom agency Rogers and Chapman in May, and both the investment and advisory business, RSP Group in Dubai and fit-out company “areAZero” in Spain in September.
“Acquisitions such as this one will continue to boost our growth strategy. I see great opportunities in the Australian market for Jones Lang LaSalle in emerging sectors such as health and aged care, project and development services and sustainability,” Bartlett concluded.
The agreement will become effective January 02, 2007.
By Nelson Yap
