JLL Adds to Tenant-Rep Side with Purchase of Australian Firm
- Jan 26, 2012
January 26, 2012
By Scott Baltic, Contributing Editor
Jones Lang LaSalle Inc. has acquired Sydney-based tenant advisory firm MPS Properties, the company’s Singapore office announced. The purchase, which strengthens Jones Lang LaSalle’s top position in tenant representation in Australia, makes MPS a wholly owned Jones Lang LaSalle company. With the acquisition, JLL reportedly manages transactions across approximately 43 million square feet of Australian office space.
MPS was founded in 1994 by current head Steve Urwin and operates across Australia in both tenant rep and project management. Its team of six tenant-rep advisors and three project managers are being retained under the new structure. MPS’ clients include PricewaterhouseCoopers, Sony Australia and Swiss Re.
“The acquisition of MPS … is part of our strategy to increase market share in key countries, including Australia, and to expand our service offering to clients,” said John Forrest, CEO of corporate solutions for JLL in the Asia-Pacific market.
According to mid-year 2011 figures from the Property Council of Australia, total vacancy in Australia’s office markets decreased from 9.6 percent to 9.0 percent in the first half of 2011, the lowest level in two years. The decline reportedly was the result of stronger demand and lower-than-average supply. Net absorption over the period was 2.36 million square feet, or about 18 percent above the average over the previous 20 years.