Jones Lang LaSalle has bought Los Angeles-based investment banking company Zietsman Realty Partners.
The deal, the terms of which have not been disclosed, will augment JLL’s growing capital markets group. Zietsman is headed by the well-known investment broker Michael Zietsman who before founding his company in 2004 was managing director of Lehman Brothers’ Global Investment Banking Group. He has also previously worked for Jones Lang Wooton between 1983 and 2000 including a two-year stint in its Tokyo office.
Zietsman Realty has managed more than $8bn (£4bn) of investment transactions since it was founded including a $1.2bn (£600m) recapitalization of a 7.8m sq ft foot office portfolio in Dallas and Houston for Crescent Real Estate Equities in 2004.
Zietsman will become a partner of the JLL capital markets west coast group, alongside David Doupé, Larry Krasner, Alex Quintana and Michel Seifer.
Earl Webb, chief executive officer at JLL capital markets group, said: ‘This acquisition is in line with our growth strategy to gain a capital markets leadership position in our top markets, and to improve the level of service to our clients. We believe this acquisition will accelerate that goal in our West Coast markets.’