In yet another strategic move to augment its growing Capital Markets Group, Jones Lang LaSalle Incorporated, the world’s leading real estate services and money management firm, has acquired Los Angeles-based Zietsman Realty Partners, Inc., a real estate investment banking firm headed by preeminent investment executive Michael Zietsman. Financial terms of the transaction were not disclosed.
Zietsman has become managing director of the firm, located in the Los Angeles office. With more than 23 years of experience, Zietsman brings an excess of $8 billion of direct transaction experience with asset sales, joint ventures and financings to the firm.
“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,” said Earl Webb, chief executive officer of Jones Lang LaSalle’s Capital Markets Group. “Zietsman is a fit from both a strategic and cultural standpoint, and we believe Michael and his team will add a great deal of value to our clients.”
Zietsman will be responsible for advancing the firm’s growth strategy, and will execute asset sales and capitalisations of institutional-quality commercial real estate throughout the United States. He will partner with David Doupé, Larry Krasner, Alex Quintana and Michel Seifer, Jones Lang LaSalle’s managing directors of the Capital Markets Group on the West Coast.
Zietsman had formed Zietsman Realty Partners in 2004. Prior to building his own firm, he was managing director of Lehman Brothers’ Global Investment Banking Group responsible for the real estate asset sale business and for asset-level debt and equity financing. From 1983 to 2000, Zietsman held various positions at Jones Lang LaSalle/Jones Lang Wootton, including a two-year term with Jones Lang Wootton’s Tokyo office, and subsequent leadership of the firm’s capital markets business on the West Coast.
“Jones Lang LaSalle is gaining a leadership position in real estate investment banking and my team and I are tremendously excited about the opportunity to become a part of their growing success. Having previously spent much of my career at Jones Lang LaSalle, I know how the firm approaches client service. I am looking forward to returning to an organisation where the culture encourages entrepreneurship and rewards teamwork, which were two pillars of my firm,” said Zietsman. “Becoming part of the Jones Lang LaSalle team will allow me to leverage a global platform to bring new opportunities to our existing and future client base. This is a very exciting transition.”