Aug. 26, 2013
/PRNewswire/ -- In a strategic move to aggressively expand its industry-leading third-party property management expertise,
Jones Lang LaSalle
(NYSE: JLL) today announced that it has acquired Means Knaus Partners (MKP), a
-based property management company. The transaction will boost JLL's portfolio of office space under management by approximately 16 million square feet with properties located primarily in
Founded as a private real estate investment and management company in 1998 by industry veterans
, MKP manages 80 prime metropolitan office assets throughout the United States.
, MKP CEO, will join
Jones Lang LaSalle
as an International Director, and
, MKP COO, will join JLL as a Managing Director, along with nearly 100 MKP employees.
This acquisition will add depth to JLL's capabilities in office property management and significantly bolster its current market share in this sector. JLL currently holds No. 1 positions in
, and the No. 2 position in
suburbs. The combined firm will hold the No. 1 position in
and the No. 2 slot for third-party management in
Los Angeles County
"Our MKP colleagues bring deep expertise and strong client relationships to JLL, resulting in a powerful fit that will enhance the combined platform's strength in key markets," said
, President of
Jones Lang LaSalle's
National Real Estate Services. "Both JLL and MKP have impressive legacies in property management, and we both operate with a vested ownership mentality that will bring greater value to our clients."
"Over the past several years MKP has been approached by several leading real estate companies that were interested in acquiring our growing enterprise," said Knaus. "However, what resonated with us was JLL's legacy of performance excellence, global platform, collaborative leadership team and commitment to client service. It is this leading platform of services and extended capabilities that we can now provide our client base."