CHICAGO and HOUSTON, 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 Houston-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 Chicago, Dallas, Denver, Houston, Los Angeles, Orlando and Tampa.
Founded as a private real estate investment and management company in 1998 by industry veterans Steve Means and Doug Knaus, MKP manages 80 prime metropolitan office assets throughout the United States. Doug Knaus, MKP CEO, will join Jones Lang LaSalle as an International Director, and Robert Nowak, 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 Chicago's CBD and Denver, and the No. 2 position in Chicago suburbs. The combined firm will hold the No. 1 position in Orlando 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 John Gates, 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."
"The acquisition of MKP is highly strategic to the continued growth of our property management business," said Dan Pufunt, President of Property Management for Jones Lang LaSalle. "As a combined organization, the synergies created by our complementary culture, values and people will add to the superior levels of service we deliver to our clients consistently."
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(MKP) is a privately-held, commercial real estate firm that manages, leases, acquires, renovates and develops institutional quality real estate projects with its valued clients and partners. MKP evolved out of the Paragon Group, with its roots as an operating unit going back to 1981 and was established as a private real estate investment and management company in 1998.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.
SOURCE Jones Lang LaSalle