The acquisition shouldn't come as a surprise, says MB's Kevin Purcell, senior vice president and managing director of asset management. For the past year and a half, MB and Keystone have been working on a 129 single-family home development on the city's South Side. Keystone has assisted MB on office projects as well.
"Either we were going to hire people who had that expertise or we were going to acquire a company with the expertise," Purcell tells GlobeSt.com. "This relationship was already in place; it was a good fit." While Purcell admits that this acquisition will add value to MB, he could not disclose the company's costs related to the purchase.
The two companies have a history of working together to manage construction and development projects. Recently, the two firms converged to renovate the entrance, lobby and retail space of 200 W. Jackson, as well as relocate and consolidate the American Cancer Society's Chicago and regional headquarters.
Purcell says the acquisition was an ideal fit because MB has added three million sf to its third-party management portfolio, which creates opportunity for a number of capital improvements. "More and more tenants are looking for that one-stop shop in the site-selection process," Purcell adds.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.