Continuing to expand its third-party, retail leasing and management portfolio, Jones Lang LaSalle Inc.'s strategy remains aggressive despite operating in a sector that has been steadily shrinking due to rampant ownership-management.
“One of our strategic initiatives is to be a growth vehicle,” says Greg Maloney (right), president and CEO of JLL's Americas retail unit. “Growth includes helping existing clients with their acquisition process as well as developing new client acquisitions.”
In April, the retail unit of-based JLL nabbed the 16 leasing and management contracts of L&H Real Estate Group, increasing its portfolio to 54 properties. With the addition of L&H's malls in Florida, Illinois, Indiana, Iowa, Ohio, Texas and Wisconsin, JLL boosts it retail portfolio to 35 million square feet and is now one of the top third-party managers of regional shopping malls in the United States.
L&H will continue to operate under its own name as a real estateand advisory firm led by managing partners Patrick O'Leary and Gerry Curciarello. All on-site property employees as well as additional corporate office employees will transfer to JLL. Among those key executives will be Leonard Richards, now senior vice president and client relationship manager; Michael Lesiuk, now senior vice president and regional leasing manager; and Carol O'Grady, now vice president and regional marketing/specialty leasing manager.