LOS ANGELES-Jones Lang LaSalle finalized the acquisition of Houston-based office management firm Means Knaus Partners earlier this week. The deal added 16 million square feet to JLL's office management portfolio, giving the firm the second largest third-party management portfolio in Los Angeles.
JLL has been aggressively maneuvering to expand its office property management sector. “Property management is a strategic component of the JLL platform, which complements our leasing and investment sales business,” says JLL managing director Michael Prabhu.
With a healthy portfolio featuring 80 properties managed by the firm in major cities across the nation, MKP was a strong acquisition choice for JLL to strengthen the office management sector of its business. Almost 100 MKP employees will transition into roles with JLL, including MKP CEO Doug Knaus, who will join the JLL team as international director and MKP COO Robert Nowak, who will become managing director for JLL.
“We admire the firm for its professionalism, integrity, ethics and entrepreneurial spirit and felt that those traits match the way we do business,” says John Gates, president of JLL's national real estate services. “The cultural fit between the two firms was significant in our decision. They have excellent relationships with institutional clients and are highly regarded in the real estate community.”
The 16-million-square-foot boost in office management places JLL as the number one or number two firm in nearly all of its metropolitan markets across the country, which includes Chicago, Dallas, Denver, Houston, Los Angeles, Orlando and Tampa. With positive industry reputations and healthy portfolios on both ends, Gates predicts that “combining the two firms will increase [JLL's] ability to create real value for clients, identify opportunities for growth and win more business.”
The acquisition continues to position JLL as an industry leader for property management with a growing presence. “We are excited about the opportunity to further expand our presence in Los Angeles and other markets across the region,” says Prabhu.
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Kelsi Maree Borland
