Jones Lang LaSalle (JLL) Americas announced it reached an agreement to acquire the Houston affiliate of Integra Realty Resources (IRR), a network of independent U.S. commercial real estate valuation, counseling and advisory firms. The acquisition, which includes 40 valuation and advisory experts, is the launch of JLL’s global Valuation and Advisory Services in Houston and will serve as the base for a national valuation business.
The acquisition is expected to close by Oct. 15, subject to standard closing conditions and approvals.
“The global firm provides valuation and appraisal services in more than 40 countries across Europe, Asia Pacific and the Americas and making these services available in the United States is the next logical step in the evolution of our global business,” JLL Americas CEO John Gates said in a press release. “Expanding our capabilities will allow us to provide clients prompt and efficient valuation services utilizing local, regional and global property and investment market knowledge.”
David Dominy, with 35 years in the real estate and advisory industry, built the business (IRR) 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 career 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 and 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,” Dominy said. “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.”
IRR Houston provides consulting, evaluation, valuation, feasibility and market study services for 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.
“This addition is an important step in our strategic growth,” JLL Market Director Dan Bellow said.