GGP, JLL Strike Strategic Partnership
- Jul 12, 2010
July 12, 2010
By Allison Landa, News Editor
Real estate services firm Jones Lang LaSalle has enhanced its retail services through the acquisition of bankrupt shopping-center REIT General Growth Properties’ management and leasing responsibilities for properties in GGP’s third-party management division.
The joint venture adds more than 11 million square feet to JLL’s retail portfolio of 84 million square feet in the Americas and 265 million square feet worldwide. Additionally, more than 200 GGP employees will now become JLL employees.
“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, help these owners maximize the value of their assets, 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,” Jones Lang LaSalle Retail president Greg Maloney said when announcing the news.
Properties involved in the deal include the Alexandria Mall in Alexandria, La.; Branson Landing in Branson, Mo.; Burbank Town Center in Burbank, Calif.; Cherokee Square Shopping Center in Tullahoma, Tenn.; Festival Bay Mall in Orlando, Fla.; and The Shops at Georgetown Park in Washington, DC.