JLL to Buy Dallas-Based CRE Firm
- Sep 20, 2019
JLL has announced it will acquire Peloton Commercial Real Estate, a Texas-based leasing and property management firm. The brokerage firm will acquire the company’s Dallas and Houston office and more than 130 Peloton professionals will join JLL. The two firms did not disclose a purchase price.
Peloton was founded by Joel Pustmueller and T.D. Briggs in 2002 and has since grown to manage or lease more than 25 million square feet on behalf of its clients. The deal is expected to close within the next few weeks.
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Pustmueller and Briggs will join with Jeff Eckert of JLL in overseeing the merging of the teams and pushing for growth across the region. Pustmueller and Briggs will focus on the Dallas-Ft. Worth and Houston markets, while Eckert will focus on the Austin, San Antonio markets, in addition to Dallas-Ft. Worth.
John Myers, property management partner at Peloton, will assume regional leadership of property management for the Dallas-Ft. Worth region. Pustmueller, Briggs and Myers will all report to David Carroll, JLL’s market director for the south central region. In a press release from JLL, Carroll said the company’s decision to acquire Peloton was motivated by its desire to become a market-leading player in Texas.
The acquisition comes at a time when Dallas’ office market is booming, fueled by growing demographics, strong gains in employment and increased investor interest in the metro’s Class A properties. According to a recent Yardi Matrix report, there is more than 4 million square feet of office product underway in the metro as of July.