JLL and GGP form strategic alliance
July 12, 2010 | Staff Writer | Print Article | Email this Article
General Growth Properties, Inc. and Jones Lang LaSalle have established a long-term strategic alliance through which Jones Lang LaSalle acquired the management and leasing responsibilities for the properties in GGP’s third-party management division.
The portfolio of 18 regional shopping malls and community centers in 11 states adds more than 11 million square feet to Jones Lang LaSalle’s retail portfolio of 84 million square feet in the Americas and 265 million square feet worldwide. In addition, through the strategic alliance, the two firms will work together to pursue opportunities for Jones Lang LaSalle to provide additional third-party services to new and existing clients.
“With the largest portfolio of third-party management and leasing services in the United States, we demonstrate every day that we deliver value to our clients who own regional malls and other retail properties,” said Greg Maloney, president of Jones Lang LaSalle Retail, in a released statement. “The opportunity to partner with General Growth Properties and bring these properties into our portfolio allows us to be able to provide our strategic services to new and existing clients, welcome more than 200 talented retail experts into our team and expand our portfolio with 18 quality regional malls and community centers across the country.”
The strategic alliance will provide the opportunity for Jones Lang LaSalle to leverage the full range of services it provides to investors in retail properties, including not only leasing and management but also investment sales and other capital markets services.
“We have a long-term relationship with some of the country’s top institutional and private owners of retail properties. This strategic alliance with Jones Lang LaSalle allows our clients to leverage the resources and talents from both GGP and Jones Lang LaSalle and, ultimately, we create a broader range of services for our clients, thereby strengthening their bottom line,” said Tom Nolan, president and chief operating officer for General Growth Properties, in a released statement.
The change in management and leasing responsibilities is effective immediately. Approximately 200 employees who comprise the management teams at the 18 properties plus 30 corporate employees who provide services to the properties will become Jones Lang LaSalle employees. Mark Hunter, former senior vice president of third-party management at GGP, Donn Fuller, who held the position of vice president of asset management and development at GGP, and John Taylor, who was vice president of accounting and finance at GGP, will become senior vice presidents at Jones Lang LaSalle.
The properties are: Alexandria Mall (Alexandria, LA); Branson Landing (Branson, MO); Burbank Town Center (Burbank, CA); Cherokee Square Shopping Center (Tullahoma, TN); Festival Bay Mall (Orlando, FL); Kings’ Shops (Waikoloa, HI); Laurel Commons (Laurel, MD); Northgate Mall (Tullahoma, TN); Palladio at Broadstone (Folsom, CA); Queen Ka’ahumanu Center (Kahului, HI); The Shops at Georgetown Park (Washington, DC); The Shops at Tanforan (San Bruno, CA); St. Lawrence Centre (Massena, NY); Swansea Mall (Swansea, MA); Towson Commons (Towson, MD); University Mall (Tampa, FL); Westdale Mall (Cedar Rapids, IA); Windward Mall (Kaneohe, HI).
Tags | Chicago, General Growth Properties, Jones Lang LaSalle, Retail
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