NEW YORK CITY-Fueled by high leasing activity and the reemergence of the Downtown market post-9/11, Jones Lang LaSalle is expanding its Lower Manhattan presence, appointing JLL veteran John Wheeler as managing director of its local office at 140 Broadway.
In his new role, Wheeler will be interfacing with the major owners and tenants based in the Financial District, TriBeCa and Battery Park City in an effort to increase the company’s footprint below Canal Street.
“We have had a longstanding commitment to the marketplace as a firm, but we felt that we needed to have a more strategic, larger commitment to the marketplace in order to grow our business to a level at commensurate with our presence in New York and around the country,” Wheeler tells GlobeSt.com.
As part of that strategy, Wheeler says he sees great opportunities for the city’s creative and high-tech sector in the neighborhood, particularly as Midtown South continues to further tighten, both in terms of lower vacancy and higher rent.
“We attracting a number of advertising and creative tenants looking very seriously at Lower Manhattan, and we will continue that trend,” he says. “There is no question that when you make a commitment to relocate a tenant from Midtown to Lower Manhattan, that’s going to have a lot more people asking why and considering the market before they make their decision,” he adds, noting that the Financial District’s building stock has “relative value” and still maintains the “architectural charm that goes well with those industries.”
The brokerage firm will also continue its relationship with the city’s blue-chip landlords and tenants. Over the last several years, JLL has handled various high-profiled deals, particularly with large occupiers like Bank of America renewing their 767,000-square-foot space at the World Financial Center, as well as representing MetLife on Oppenheimer & Co.’s relocation and consolidation at 85 Broad St.
In addition, Wheeler has handled more than 1.1 million square feet of transactions in the neighborhood, including the 450,000-square-foot, 20-year master lease for the New York City Housing Authority at 180 Water St., as well as deals for General Electric, Aegon Insurance, among many others.
Wheeler also directs JLL’s activities on behalf of Gramercy Capital Corp., which has amassed a portfolio that encompasses 13.5 million square feet of office space and bank branches throughout the United States. Wheeler’s brokerage clients include JPMorgan Chase & Co., Cr
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