NEW YORK — Jones Lang LaSalle was selected by building owner Spear Street Capital to manage 315 Park Avenue South. The firm will provide a full range of property management services for the Class A, 325,000-square-foot office building.
The JLL team handling the property management assignment will be led by Matt Duthie, managing director, and Patrick Conway, general manager.
“The purchase of 315 Park Avenue South was Spear Street Capital’s first acquisition in New York,” said Linda Aronson, managing director and head of property management for JLL’s suburban tri-state markets. “This new property management assignment expands our ongoing relationship with the company. JLL already manages two office properties for Spear Street Capital in New Jersey as well as office buildings in Texas and California.”
Locally, JLL provides property management services for Spear Street Capital at the 263,000-square-foot 101 Wood Avenue South in Iselin, N.J.; and the two-building, 136,000-square-foot Crossroads Business Center on Crossroads Drive in Bedminster, N.J.
Spear Street Capital purchased 315 Park Avenue South, located between East 23rd and East 24th streets, in May from BCN Development. The 20-story office building, designed by William C. Frohne and constructed in 1911, was fully renovated in 2007.
JLL is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2012, the New York tri-state team completed approximately 23.8 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at nearly $7.0 billion, and oversaw a property and facilities management portfolio of 102.1 million square feet and an agency leasing portfolio of 76.0 million square feet.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm 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. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.