Search
 

Industrial Property Journal: Jones Lang LaSalle Becomes NJ Powerhouse

JLL acquires Klatskin Associates LLC and Klatskin Associates Management Co. Inc.

By John McCloud | Updated on November 07, 2007

In another step toward its goal of becoming a major player in the top five US industrial markets, Jones Lang LaSalle Inc. acquired the assets of Klatskin Associates LLC and Klatskin Associates Management Co. Inc. The two entities are the New Jersey operations of Lee & Klatskin Associates, a prominent provider of integrated industrial real estate services in the Garden State. The acquisition, which expands JLL’s area presence to Bergen County through assumption of Klatskin’s office in Hasbrouck Heights, gives the Chicago-based firm its third corporate office in New Jersey, joining others in Metro Park and Parsippany.

“Bringing on the best team in the market is a perfect way for our firm to expand its industrial presence in this important market,” says Craig Meyer, director of JLL’s national industrial practice. “New Jersey is the third largest industrial market in the US and fourth largest in North America. It’s an absolutely key market for us. We already have a strong presence in the office market here. This gives us equally strong capabilities in industrial.”

Rob Kossar, a former partner at Klatskin and now an executive vice president at JLL, tells IPJ the decision to sell sprang from the demand by Klatskin’s clients for more coordinated services related to geographic dispersion. “We have been the industrial leader in New Jersey for several years, and we’ve done that without a global platform behind us,” he says. “But it’s become increasingly evident that there’s a need for us to offer more. Just in the past few days, one of our clients asked for work to be done outside our market. In the past we couldn’t do that. Now we can.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.