Loading
Chicago-based Jones Lang LaSalle purchased the Houston-based property management company Means Knaus Partners. The financial and professional services firm says the acquisition was done to expand its third-party property management expertise. The purchase adds 16 million square feet to its office space under management with properties located primarily in Tampa, Orlando, Chicago, Dallas, Denver, Houston and Los Angeles.
The sole Gulf Coast property involved in the sale was the 36-story 527,237-square-foot SunTrust Financial Centre in Tampa owned by The Brookdale Group.
Jones Lang LaSalle says the acquisition will add depth to its capabilities in office property management and significantly bolster its current market share in this sector. The company is the top office manager in Chicago's central business district and Denver, and the No. 2 in the Chicago suburbs. The combined firm will hold the No. 1 position in Orlando and the No. 2 slot for third-party management in Los Angeles County.
Jones Lang LaSalle provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
