Advance Realty Engages Jones Lang LaSalle to Provide Property Management Services For Select Properties Within Company’s Portfolio
Outsourcing Contract Enables Advance to Focus on Asset Management for its Properties, Including Leasing, Financing and Ongoing Reinvestment Strategies
Advance Realty, a leading Northeast U.S. owner and developer of Class A office and mixed-use properties, has announced the appointment of Jones Lang LaSalle as property manager for select properties within the company’s multi-million square-foot portfolio.
Advance Realty will focus its internal resources on asset management for these properties. This outsourcing move will support Advance’s continued focus on and dedication of its resources toward asset management functions, including leasing, financing and strategic investments.
“Following a comprehensive review of our portfolio, we selected, on a strategic basis, properties for which we felt we could bring increased value to our operations by retaining one of the most successful third-party service providers,” stated Kurt Padavano, COO of Advance Realty. “The relationship we have forged with Jones Lang LaSalle will enable us to concentrate our attention and resources on the asset management of our portfolio, which has been the cornerstone of our company’s success over the past 30 years.”
“We are extremely honored to have been selected for this prestigious assignment by Advance Realty,” stated Bob Hackett, Regional Director of Jones Lang LaSalle. “As one of the region’s foremost property owners and developers, Advance has built a portfolio of some of the most successful commercial properties in the marketplace, and we are proud to be able to leverage our extensive property management expertise to support the company’s ongoing focus on asset management functions.”
About Advance Realty
Celebrating its 30th anniversary in 2009 and headquartered in Bedminster, N.J., Advance Realty is an owner and developer of office, flex, industrial, retail and multifamily properties. With 4.5 million square feet of operating properties and a development portfolio consisting of 6 million square feet of commercial projects and 6,500 residential units, Advance is one of the leading real estate owners in the Northeast. For more information, contact Advance Realty at (908) 719-3000 or visit www.advancerealtygroup.com.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619
Back to News
