The deal is said to boost JLL's U.S. capital markets presence and expand its debt advisory business in Europe and Asia Pacific.
The transaction has been unanimously approved by the boards of directors of both companies, according to a press release.
Shareholders of HFF have to approve the acquisition, which is expected to close in the third quarter of 2019.
As part of the deal, CEO of HFF, Mark Gibson, will join JLL as CEO, Capital Markets, Americas and Co-Chair of its Global Capital Markets Board.
Since 1998, HFF has closed more than $800 billion nationally in over 27,000 transactions. Over the last year, the company recorded more than $650 million in revenue.
It currently operates 26 offices in the U.S. and London. The company opened its Orlando office in 2012, and often works in conjunction with HFF's Miami and Tampa offices.
The HFF team locally is headed by senior managing directors H. Brad Peterson and Michael Weinberg. In addition to them, the office consists of six team members, seven analytical supporters and a three-member support staff.