The Real Deal Chicago

LaSalle completes acquisition for Latitude; enters real estate debt fund space

The deal for former Latitude Management Real Estate Investors was seen as long-term move into commercial lending
By John O’Brien | January 14, 2019 04:00PM

From left: downtown Denver, Jason Kern, and Glenn Sonnenberg (Credit: Getty Images and Wikipedia)

LaSalle Investment Management completed its acquisition of a majority state in Latitude Management Real Estate Investors and its $1.2 billion debt fund business.

The asset management arm of Chicago-based JLL, LaSalle announced last year it was acquiring commercial real estate lender Latitude, making a play in that lending space in the United States.

Latitude, now part of LaSalle’s North America private equity platform, has been re-named LaSalle Mortgage Real Estate Investors. Former Latitude President and CEO Glenn Sonnenberg, Executive Vice President Chip Sellers and managing directors Craig Oram and Brett Mayer remain in the same roles with the new company.

Latitude generally provided bridge loans of between $5 million and $35 million on multifamily, office, hotel, retail and industrial properties.

LaSalle Investment Management had more than $64 billion under management as of the fourth quarter of 2018.

Its Chicago holdings include 101 North Wacker Drive, where railcar owner and manager TTX Company signed a 12-year lease extension for its 103,000-square-foot space, making it one of the 600,000-square-foot building’s biggest tenants.

A joint venture between LaSalle and Quantum Global Real Estate last put its stake in the office tower at 521 Fifth Avenue in New York on the market, as part of a push to sell $1.8 billion in global real estate.