Green Seeks to Expand JLL’s Leasing Initiatives
- Mar 03, 2010
March 3, 2010
By Allison Landa, News Editor
Jones Lang LaSalle’s New York office has tapped Gregory Green as president of its National Agency Leasing Group. Green, who will work out of the New York office, will report to CEO of brokerage Greg O’Brien and also serve as chairman of JLL’s agency leasing committee as well as a member of its brokerage executive and leadership committees.
With 24 years of experience in commercial real estate, Green has worked in New York and national tenant representation, landlord agency leasing, and sourcing national and global corporate accounts. He comes to JLL from Broadway Partners, where he served as managing director of national leasing and was responsible for acquisition underwriting, hiring and overseeing external leasing agents, and increasing occupancy for a 25 million square-foot national portfolio of Class A office buildings.
Green told CPE that his goals are to expand JLL’s agency leasing revenues and the square footage leased and managing by the company through new wins, recruiting and collaboration.
He added that the position presents its own set of challenges.
“The challenges for agency leasing pros are to maintain a sense of urgency and be proactive with owners in terms of leasing and marketing ideas, to renew existing tenants in their buildings and to source and lease to new prospective tenants,” he said. “A sense of urgency creates opportunities and sends a message to tenant reps that ownership is interested in striking deals.”
Green believes owners need their leasing agents to be proactive with leasing and marketing strategies in order to gain an edge: “Sourcing and leasing to new tenants and renewing the tenants you have are an advantage to owners as both affect occupancy and NOI. Since renewals typically require less TIs, they are a benefit to owners.”
He says that sublease space, shadow space, and distressed ownership positions have created an unpredictable, building-by-building market – but the strong are surviving.
“I believe 2010 leasing velocity is starting to show some positive signs such as increased tenant rep pitches and building tours. I expect we will see greater activity in the fall. We also anticipate that capital will start to flow in a meaningful way in either late 2010 or early 2011,” he told CPE. “ It is important for service firms like Jones Lang LaSalle to anticipate trends like this and provide our clients with information that enables them to exploit a more-active market.”