Means Knaus Inks 12M Square Foot Deal with Lexington Realty
- Mar 12, 2010
March 12, 2010
By Allison Landa, News Editor
Means Knaus Partners has signed a 12 million square-foot property and construction management, leasing and development deal with Lexington Realty Trust, thereby doubling the size of its property management portfolio. Financial details were not released.
Lexington CEO Will Eglin told CPE that the portfolio encompasses 48 cities in 19 states. He could not put a value on the portfolio as it is not for sale and thus hasn’t been recently appraised.
Means Knaus CEO Doug Knaus told CPE that the most promising markets in the portfolio are the New York area, Chicago, Houston, Denver, Los Angeles, and San Francisco. “All of these markets have upside potential from internal and external growth,” he said. “In addition, there are acquisition and development opportunities as the financial markets gradually improve.”
The joint venture expands the Means Knaus management portfolio to 20 million square feet and moves the Houston-based firm into the top 100 commercial property management firms in the U.S., the company said.
Lexington is a New York-based REIT with interests in 45.9 million square feet in 259 properties throughout the U.S., with more than 350 tenants in small, medium, and large companies operating in more than 20 industries.