Jones Lang LaSalle has bought Philippines property agent Leechiu & Associates to form Jones Lang LaSalle Leechiu.

The merged company will be headquartered in Manila, have six offices and 175 staff. It will have 3.1m sq ft under management but JLL Leechiu said it expected this to grow in line with its revenue target of $10m (£5m) by 2009.

The new firm will service a combined client list involving JPMorgan Chase, Deutsche Bank, Citibank Savings, Convergys, IBM and HSBC. It also holds exclusive relationships with six of the 12 largest business process outsourcing firms in the Philippines including TeleTech and eTelecare.

The company will be led by chairman Jose Fernando Camus. David Leechiu will be country head and current JLL head of Philippines, Lindsay Orr, will be chief operating officer.

Both Jones Lang LaSalle and Leechiu & Associates’ senior management will hold leadership positions in the new company, and all employees will integrate into similar capacities and roles within the combined organization.