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News release

Chicago

JLL to Acquire Houston Affiliate of Integra Realty Resources

Acquisition expands JLL’s Valuation & Advisory Services into the United States


CHICAGO, Sept. 26, 2016 JLL (NYSE:JLL) today announced it reached an agreement to acquire the Houston affiliate of Integra Realty Resources (IRR), a leading network of independent U.S. commercial real estate valuation, counseling and advisory firms. The acquisition represents the initial launch of JLL's global Valuation & Advisory Services in the critical U.S. market and will serve as the foundation for a full-service national valuation business. The acquisition is expected to close by Oct. 15, subject to standard closing conditions and approvals.

“JLL provides sophisticated and impartial valuation and appraisal services in more than 40 countries across Europe, Asia Pacific and the Americas. Making these services available in the United States is the next logical step in the evolution of our global business,” said John Gates, CEO, Markets, JLL Americas. “Expanding our capabilities will allow us to provide clients prompt and efficient valuation services utilizing local, regional and global property and investment market knowledge."

IRR - Houston is led by David Dominy, Michael Welch and Kenneth Levenson. Dominy built the business that was originally founded in 1962 by his father, Jerry Dominy, and became one of the original members of the IRR network in 1999. Throughout his nearly 35 years of comprehensive real estate and valuation experience, Dominy has led wide-ranging valuation and counseling assignments for landmark office buildings, multifamily properties, shopping centers, seniors living and healthcare properties, and industrial assets. He also is a former Vice Chairman of the Board of IRR and will lead JLL's Valuation & Appraisal Services business in Houston. 

“We made it our mission to be the best valuation and appraisal firm in the market and, as we looked to our future, we wanted to partner with the best global real estate firm,” said Dominy. “We found a strong cultural fit at JLL as both companies operate with the highest professional standards and put clients first. JLL is the only place we wanted to be.”

Welch joined Dominy in 1990, helping to steer the growth of the IRR - Houston business and serving as IRR's Chairman of the Board and Chief Executive Officer. Levenson also joined in 1990 and brings wide-ranging appraisal valuation, litigation support, feasibility analysis and development consulting expertise to JLL. Welch will lead JLL's Valuation & Advisory Services business in the United States.

IRR - Houston's nearly 40 valuation and advisory experts provide consulting, evaluation, valuation, feasibility and market study services for commercial office, industrial, multifamily and vacant land properties. The affiliate specializes in eminent domain and right-of-way appraisal services as well as capital markets appraisals and litigation services.

"IRR - Houston's expertise complements our existing capabilities and delivers the most comprehensive market intelligence to our clients," said Dan Bellow, Market Director, JLL Houston. "We admire the way IRR - Houston conducts its business, which mirrors our culture of teamwork, ethics and excellence. This addition is an important step in our strategic growth."

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

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About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.