Jones Lang Merges With Spaulding & Slye

Jones Lang LaSalle Inc., a Chicago-based real estate services and money management firm, has reported the completion of a merger with Spaulding & Slye, a privately held real estate services and investment company with offices in Boston and Washington, D.C.Jones Lang said it acquired the company for $150 million in cash, adding that there are provisions for "additional consideration and an earn-out that are subject to certain contract provisions and performance." The combined firm will be known as Jones Lang LaSalle, but the Spaulding & Slye name will be retained in certain cases. Spaulding & Slye's integrated principal-investing practice will operate as Spaulding & Slye Investments, and its construction business will be called Spaulding & Slye Construction, Jones Lang said. The company said "substantially all" of Spaulding & Slye's 500 employees will be integrated into Jones Lang, and its executive management team will take on "significant leadership roles." Jones Lang can be found online at http://www.joneslanglasalle.com.