The portfolio includes regional shopping malls and community centers in 11 states, the Chicago-based companies said in a statement. Jones Lang will pay an initial amount that it declined to disclose, plus share a portion of management and leasing fees with General Growth for five years, Greg Maloney, Jones Lang's chief executive officer of Americas retail, said in a telephone interview from Atlanta.
General Growth's third-party management business had overseen the properties, the companies said. About 230 General Growth employees will go to work for Jones Lang.
"It's exciting because when retailers are looking to expand, they can call Jones Lang LaSalle," Maloney said.
The deal adds 11 million square feet (1 million square meters) to Jones Lang's retail portfolio of 84 million square feet in the Americas and 265 million square feet worldwide.
Controlling more space will help the company compete for tenants against larger rivals including Indianapolis-based mall owner Simon Property Group Inc. and Santa Monica, California- based Macerich Co., Maloney said.
Properties affected by the General Growth-Jones Lang deal include Burbank Town Center in Burbank, California; The Shops at Georgetown Park in Washington; and Branson Landing in Branson, Missouri. The management change is effective immediately, the companies said.
SOURCE: Daily Herald
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