Jones Lang LaSalle packing a punch in Garden State.
Since expanding its New Jersey office in late 2004, the company has increased the size of its staff from 14 employees to 26 employees, encompassing a broad range of fully integrated disciplines including tenant representation, leasing, investment sales, facility and property management and project management and development services. "The success our expanded office had achieved in the past year further validates Jones Lang LaSalle's efforts to increase its presence in New Jersey," said Ian King, executive vice president, division director of the Northeast region and head of the New Jersey office.
Jones Lang LaSalle's New Jersey office has seen significant growth in all of its practice areas.
The transaction team, which oversees tenant representation and agency/landlord leasing services, has virtually doubled its portfolio of agency leasing assignments in the past year. Its portfolio grew from nearly 2.5 million s/f in February 2005 to more than 4.8 million s/f as of January 2006.
Agency leasing assignments in New Jersey include 1.2 million s/f for LaSalle Investment Management, 280,000 s/f for Ivy Realty, 268,000 s/ f for Wells Real Estate Investment Trust, 180,672 s/f for Glenborough Realty Trust and 136,000 s/f for American Financial Realty Trust. Major tenant representation activity included securing 90,000 s/f for The St. Paul Travelers Cos. Inc. at the Morris Business Campus in Morris Plains, a 47,546 s/f lease renewal for Sun Microsystems Inc. at 400 Atrium Drive in Franklin Township, 19,968 s/ f for Towers Perrin at Morris Corporate Center 2 in Parsippany and a 15,700 s/f lease extension for Cisco Systems at One Paragon Drive in Montvale.
The property and facility management team, which serves the needs of investors in and owners of real estate (property management) and occupiers of real estate (facility management), has also expanded its portfolio in the past year.
Jones Lang LaSalle's New Jersey office had approximately 7 million s/f of property under management in February 2005, and has grown its management portfolio to 8 million s/f of real estate as of January 2006.
Major property management assignments the New Jersey team is overseeing include 1.3 million s/f for Wells Real Estate Funds, 1.2 million s/ f for LaSalle Investment Management, and 340,000 s/f for Lexington Corporate Properties Trust.
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|Title Annotation:||NEW JERSEY|
|Publication:||Real Estate Weekly|
|Date:||Mar 15, 2006|
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