Jones Lang LaSalle has bought the niche City of London agency firm for a rumoured £4m

JLL has bought the five strong team to strengthen its City presence. Although a price was not disclosed, it is understood the deal could be worth as much as £4m.

The firm is headed by former Cushman & Wakefield partners Colin Hargreaves and Angus Goswell, who are expected to join the firm as international directors in the office alongside Robert Calnan and Neil Prime.

The pair started up their own niche agency in 2003 with Insignia Richard Ellis’s former head of central London development, Stephen Down, who left last year to start his own agency backed by former HGD funding partner Catella.

The team also includes Sam Boreham, who joins JLL as an associate. Hargreaves Goswell’s clients include Delancey, Old Mutual and Standard Life.

Neil Prime, head of office agency at Jones Lang LaSalle, said: ‘One of the most sought after agency practices in the City has chosen to join us. The acquisition of Hargreaves Goswell is a key part of our strategy to strengthen and grow our agency business.’

Colin Hargreaves said: ‘The cultural fit was right and the opportunity to access a much wider client base sealed the deal.’

Hargreaves and Goswell are the latest niche City of London agents to capitalise on the high prices being offered to recruit senior employees by larger rivals.