Lynn Thurber will retire as head of Jones Lang LaSalle’s fund management arm, LaSalle Investment Management, at the end of this year and will be succeeded by existing European chief Jeff Jacobson.

Thurber will take on the new role of chairman of LaSalle on 1 January. She will focus on developing the firm’s client relationships, providing guidance and advice to LaSalle’s senior management team and continuing to serve on selected investment committees and advisory boards of LaSalle-sponsored funds.

The 59-year-old Thurber has been CEO of LaSalle since 1992, when Alex Brown Kleinwort Benson Realty Advisors (ABKB) merged with LaSalle Partners, now Jones Lang Lasalle. Thurber had been CEO of Alex Brown and, prior to that, was a principal at Morgan Stanley.

Jacobson, 45, is a 16-year veteran of the firm, and has been LaSalle’s European regional CEO since June 2000. He will remain based in London.

JLL’s CEO Colin Dyer today paid tribute to Thurber: ‘Lynn has been an instrumental force in driving LaSalle to become one of the world’s leading real estate investment managers.'