Jones Lang LaSalle Inc. in October will replace Colin Dyer, its retiring chief executive officer, with Christian Ulbrich, who became president of the real estate services firm in June.

Dyer, 63, is retiring from Jones Lang at the end of the year and will remain on the board through the annual shareholders meeting next spring, the Chicago and London-based company said in a statement on Wednesday. Jones Lang is the second-largest publicly traded commercial-property brokerage behind CBRE Group Inc.

As president and CEO, Ulbrich will guide the company’s strategy and growth. As one of a handful of commercial brokerages with a global reach, Jones Lang helps corporate clients strategize about their real estate needs, manages properties and oversees sales, leasing and financing. The company completed $138 billion of transactions in 2015 and its investment-management arm, LaSalle Investment Management, oversees $59.1 billion of assets, according to the statement.

Ulbrich was CEO of the Hamburg-based HIH group of companies before joining Jones Lang in 2005 as managing director of JLL Germany. He was CEO of the company’s Europe, Middle East and Africa unit from 2009 until when he was named president. Dyer, who had been CEO since 2004, oversaw a more than quintupling of company revenue to $6 billion and more than 80 acquisitions.

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