General Growth Properties and Jones Lang LaSalle Establish Strategic Alliance
by PR Newswire
CHICAGO, July 12 /PRNewswire-FirstCall/ --General Growth Properties, Inc. (NYSE: GGP), one of the country's premier shopping mall owners and developers, and Jones Lang LaSalle (NYSE: JLL), the world's leading integrated financial and professional services firm specializing in real estate, have established a long-term strategic alliance through which Jones Lang LaSalle acquired the management and leasing responsibilities for the properties in GGP's third-party management division. The portfolio of 18 regional shopping malls and community centers in 11 states adds more than 11 million square feet to Jones Lang LaSalle's retail portfolio of 84 million square feet in the Americas and 265 million square feet worldwide. In addition, through the strategic alliance, the two firms will work together to pursue opportunities for Jones Lang LaSalle to provide additional third-party services to new and existing clients.
"With the largest portfolio of third-party management and leasing services in the United States, we demonstrate every day that we deliver value to our clients who own regional malls and other retail properties," said Greg Maloney, president of Jones Lang LaSalle Retail. "The opportunity to partner with General Growth Properties and bring these properties into our portfolio allows us to be able to provide our strategic services to new and existing clients, help these owners maximize the value of their assets, welcome more than 200 talented retail experts into our team and expand our portfolio with 18 quality regional malls and community centers across the country."
The strategic alliance will provide the opportunity for Jones Lang LaSalle to leverage the full range of services it provides to investors in retail properties, including not only leasing and management but also investment sales and other capital markets services.
"We have a long-term relationship with some of the country's top institutional and private owners of retail properties. This strategic alliance with Jones Lang LaSalle allows our clients to leverage the resources and talents from both GGP and Jones Lang LaSalle and, ultimately, we create a broader range of services for our clients, thereby strengthening their bottom line," said Tom Nolan, president and chief operating officer for General Growth Properties.
David Schonberger, principal with Radiant Partners, stated, "As a client of both Jones Lang LaSalle and General Growth, we expect the alliance between these two great companies to ensure the continuation of the excellent service we receive at our properties."
The change in management and leasing responsibilities is effective immediately. Approximately 200 employees who comprise the management teams at the 18 properties plus 30 corporate employees who provide services to the properties will become Jones Lang LaSalle employees. Mark Hunter, former senior vice president of third-party management at GGP, Donn Fuller, who held the position of vice president of asset management and development at GGP, and John Taylor, who was vice president of accounting and finance at GGP, will become senior vice presidents at Jones Lang LaSalle.
The properties are: Alexandria Mall (Alexandria, LA); Branson Landing (Branson, MO); Burbank Town Center (Burbank, CA); Cherokee Square Shopping Center (Tullahoma, TN); Festival Bay Mall (Orlando, FL); Kings' Shops (Waikoloa, HI); Laurel Commons (Laurel, MD); Northgate Mall (Tullahoma, TN); Palladio at Broadstone (Folsom, CA); Queen Ka'ahumanu Center (Kahului, HI); The Shops at Georgetown Park (Washington, DC); The Shops at Tanforan (San Bruno, CA); St. Lawrence Centre (Massena, NY); Swansea Mall (Swansea, MA); Towson Commons (Towson, MD); University Mall (Tampa, FL); Westdale Mall (Cedar Rapids, IA); Windward Mall (Kaneohe, HI).
GGP currently has ownership interest in, or management responsibility for, more than 200 regional shopping malls in 43 states, as well as ownership in planned community developments and commercial office buildings. The company's portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. The Company's common stock is currently traded on the New York Stock Exchange under the symbol GGP.
ABOUT JONES LANG LASALLE
Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. As the leading retail service provider, Jones Lang LaSalle Retail manages the largest third-party retail portfolio in the country. The firm's 84 million-square-foot retail portfolio consists of more than 300 regional malls, strip centers, power centers, lifestyle centers, ground-up development projects, mixed-use centers, transportation terminals and over 6,000 retail ATMs and bank branches across 49 states. Globally, the firm manages and/or leases a retail portfolio of 265 million square feet. For further information, please visit our Web site, www.joneslanglasalle.com.
SOURCE Jones Lang LaSalle; General Growth Properties, Inc.