New Standard
Jan 1, 2008 12:00 PM
Jones Lang LaSalle, one of the largest providers of property management services in the United States has agreed to acquire the Chicago-based Standard Group to expand its complement of client services to include portfolio advisory, site selection and rollout services.
“The reason we are so excited is that portfolio advisory and site selection services is an area where we haven't been able to do much for retailers,” says Greg Maloney, president and CEO of Jones Lang LaSalle Retail. “They used to ask ‘Can you do that for us?’ Now we can.”
The acquisition, which is expected to be completed this month, will extend Jones Lang LaSalle's existing retail platform, offering multisite project and facility management for both individual stores and retail properties. The Standard Group's roster of clients includes cell phone giant T-Mobile USA and snack and beverage retail chain Jamba Juice. Among the many factors Maloney cited in its decision to acquire the Standard Group was its internal culture. He says Jones Lang LaSalle wanted to acquire a company with a strong team ethic and exceptional client service.
Jones Lang LaSalle does not expect the integration to take very long because they have a lot of experience working together already. Shortly after the close, Maloney expects it will be business as usual. Three of Standard's top employees, Joseph Brady, Branson Edwards and Lewis Kornberg, will join Jones Lang LaSalle's Chicago office as managing directors. The remaining 17 staff members will continue to operate from their regional offices.
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