CHICAGO, July 12 /PRNewswire-FirstCall/ -- General Growth
Properties, Inc. (NYSE: GGP), one of the country's premier shopping
mall owners and developers, and Jones Lang LaSalle (NYSE: JLL), the
world's leading integrated financial and professional services firm
specializing in real estate, have established a long-term strategic
alliance through which Jones Lang LaSalle acquired the management
and leasing responsibilities for the properties in GGP's
third-party management division. The portfolio of 18 regional
shopping malls and community centers in 11 states adds more than 11
million square feet to Jones Lang LaSalle's retail portfolio of 84
million square feet in the Americas and 265 million square feet
worldwide. In addition, through the strategic alliance, the two
firms will work together to pursue opportunities for Jones Lang
LaSalle to provide additional third-party services to new and
existing clients.
"With the largest portfolio of third-party management and
leasing services in the United
States, we demonstrate every day that we deliver value to
our clients who own regional malls and other retail properties,"
said Greg Maloney, president of
Jones Lang LaSalle Retail. "The opportunity to partner with
General Growth Properties and bring these properties into our
portfolio allows us to be able to provide our strategic services to
new and existing clients, help these owners maximize the value of
their assets, welcome more than 200 talented retail experts into
our team and expand our portfolio with 18 quality regional malls
and community centers across the country."
The strategic alliance will provide the opportunity for Jones
Lang LaSalle to leverage the full range of services it provides to
investors in retail properties, including not only leasing and
management but also investment sales and other capital markets
services.
"We have a long-term relationship with some of the country's top
institutional and private owners of retail properties. This
strategic alliance with Jones Lang LaSalle allows our clients to
leverage the resources and talents from both GGP and Jones Lang
LaSalle and, ultimately, we create a broader range of services for
our clients, thereby strengthening their bottom line," said
Tom Nolan, president and chief
operating officer for General Growth Properties.
David Schonberger, principal with
Radiant Partners, stated, "As a client of both Jones Lang LaSalle
and General Growth, we expect the alliance between these two great
companies to ensure the continuation of the excellent service we
receive at our properties."
The change in management and leasing responsibilities is
effective immediately. Approximately 200 employees who
comprise the management teams at the 18 properties plus 30
corporate employees who provide services to the properties will
become Jones Lang LaSalle employees. Mark Hunter, former
senior vice president of third-party management at GGP,
Donn Fuller, who held the position
of vice president of asset management and development at GGP, and
John Taylor, who was vice president
of accounting and finance at GGP, will become senior vice
presidents at Jones Lang LaSalle.
The properties are: Alexandria Mall (Alexandria, LA); Branson Landing (Branson, MO); Burbank Town Center
(Burbank, CA); Cherokee Square
Shopping Center (Tullahoma, TN);
Festival Bay Mall (Orlando, FL);
Kings' Shops (Waikoloa, HI);
Laurel Commons (Laurel, MD); Northgate Mall (Tullahoma, TN); Palladio at Broadstone
(Folsom, CA); Queen Ka'ahumanu Center (Kahului, HI); The Shops at Georgetown Park
(Washington, DC); The Shops at
Tanforan (San Bruno, CA); St.
Lawrence Centre (Massena, NY);
Swansea Mall (Swansea, MA);
Towson Commons (Towson, MD); University Mall (Tampa, FL); Westdale Mall (Cedar Rapids, IA); Windward Mall (Kaneohe, HI).
ABOUT GGP
GGP currently has ownership interest in, or management
responsibility for, more than 200 regional shopping malls in 43
states, as well as ownership in planned community developments and
commercial office buildings. The company's portfolio totals
approximately 200 million square feet of retail space and includes
more than 24,000 retail stores nationwide. The Company's common
stock is currently traded on the New York Stock Exchange under the
symbol GGP.
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 2009 global revenue of $2.5
billion, Jones Lang LaSalle serves clients in 60 countries
from 750 locations worldwide, including 180 corporate offices.
As the leading retail service provider, Jones Lang LaSalle
Retail manages the largest third-party retail portfolio in the
country. The firm's 84 million-square-foot retail portfolio
consists of more than 300 regional malls, strip centers, power
centers, lifestyle centers, ground-up development projects,
mixed-use centers, transportation terminals and over 6,000 retail
ATMs and bank branches across 49 states. Globally, the firm manages
and/or leases a retail portfolio of 265 million square feet.
For further information, please visit our Web site,
www.joneslanglasalle.com.
SOURCE Jones Lang LaSalle; General Growth Properties, Inc.