A jet outbound from Logan Airport rises over the Vertex building in the Seaport District. Its 2017 sale was brokered by HFF.

In the latest major consolidation within the commercial brokerage industry, JLL has agreed to acquire HFF for $2 billion in a transaction that will strengthen its capital markets business in Boston and nationwide.

JLL said the acquisition could double its capital markets revenues by 2025.

Under terms of the agreement, approved by both companies’ directors, HFF CEO Mark Gibson will join JLL as CEO of capital markets for the Americas.

HFF shareholders will receive a combination of cash and JLL stock valued at $49.16 per HFF share, a 25 percent premium over HFF’s average stock price over the previous 90 days. JLL shareholders would own 87 percent of the combined company.

The transaction will include HFF Boston’s office and hotel capital markets groups, which would help the combined JLL-HFF entity compete with CBRE’s enhanced Boston operations, which absorbed 48 brokers from Transwestern’s Boston offices last year.

Full-service JLL has approximately 70 brokers in Boston, including leasing specialists. HFF Boston has 22 brokers.

In a conference call Tuesday, JLL CFO Stephanie Plaines said the merger will result in $60 million in cost savings within two to three years, including $28 million in the first 12 months. Most of the savings will be realized through consolidation of offices and reduced overhead from combining the two firms’ public company expenses, Plaines said. Locally, both JLL and HFF are headquartered at One Post Office Square.

HFF has local roots dating back to the 1970s brokerage Fowler, Goedecke & Co., which merged with Holliday Fenoglio in 1998 to create the HFF firm. Since then, HFF has closed more than $800 billion in transactions, and reported a record $650 million in 2018 revenues.

HFF’s local capital markets team was named Boston’s top capital markets intermediary in 2015, 2016 and 2017 by the Mortgage Bankers Association. It has brokered big-ticket transactions including the $1.1 billion sale of Vertex Pharmaceuticals’ Boston headquarters to Newton-based Senior Housing Properties Trust in 2014 and the 2017 sale of Suffolk Downs racetrack to HYM Investment Group.

Currently, the firm is marketing the Midtown Hotel property in Back Bay and was recently selected to sell Benjamin Franklin Institute of Technology’s campus in the South End.

Commercial brokerages have seen significant consolidation in recent years. More than 800 firms brokered at least one $10 million or greater transaction in 2011, according to Real Capital Analytics. By 2018, the category had been reduced to 662.