Jones Lang LaSalle is doing the reverse of most companies: it’s already established itself globally, so now it’s thinking locally.
The company, considered an office leasing company with broad national and international reach, now also bills itself as a local full-service commercial real estate company.
“In addition to growing the group, we focused the group on New York City,” said Thomas Beneville, who is heading up the New York City expansion as Jones Lang’s chief of New York capital markets. “This shift in New York is the result of a broader strategy in the company to create market-specific investment sales teams all over the country.”
In its first steps to expand the investment sales division, Jones Lang hired Massey Knakal Realty Services’ Peter DeCheser and Rick DeRuyter. DeCheser is a managing director of the capital markets group and DeRuyter is an associate.
In addition to DeCheser and DeRuyter, the New York City division has six other people, Beneville said. He hopes the number will increase to 10 to 12 people by year’s end and to at least 20 by 2010.
Jones Lang is taking a cue from Massey Knakal Realty Services: its brokers use a local geographic territory system, rather than covering regions all over the country. Jones Lang is targeting properties valued at $25 to $100 million.
Jones Lang pays its brokers a salary, but is considering compensating the capital markets group with a draw from commission.
The public company 123 office leasing and investment sales brokers and 140 project managers in New York City. It has 20,000 employees worldwide.
Beneville said he does not think the venture is overly ambitious in this slower market.
“When the market recovers, we’re going to be ready,” he said.