BOSTON & NEW YORK--(BUSINESS WIRE)--
Greystone, a real estate finance and investment group, and JLL, a real estate consultancy firm, today announced they have been jointly awarded a five-year contract to provide comprehensive real estate services to The Massachusetts Bay Transportation Authority (MBTA) and Massachusetts Department of Transportation (MassDOT).
JLL and Greystone will provide real estate asset management, property disposition, and consulting services to support MBTA’s efforts to maximize potential non-fare revenue from real estate. The two firms will oversee management of leases, licenses and easements, accounting and billing, identify and execute the disposition of surplus properties and provide on-call consulting services to support the MBTA’s Real Estate and Asset Development Department, MassDOT and other MBTA departments as requested. The five-year contract is valued at $2.8 million.
“The MBTA is truly innovative in its approach to managing real estate, setting the bar high and looking for new, innovative opportunities to elevate its real estate portfolio,” said Patrick Flinn, Managing Director of Public Institutions, JLL. “This appointment highlights the growing trend among government agencies to engage advisers to help them optimize and run their commercial real estate portfolios. We look forward to supporting the MBTA’s strategic and operational activities."
“We are excited about working with the MBTA to provide improved services to transit guests while creating incremental non-fare box revenue,” said Charles Di Maggio, head of Greystone Management Solutions, a division of Greystone. “Our teaming with JLL is designed to provide an unparalleled team of transit real estate experts and an essential platform for delivering high-quality services to the MBTA.”
The transition for services provided for MBTA and MassDOT by Greystone and JLL begin on May 1, 2014.
Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone’s mission is to apply unparalleled creativity while modeling corporate compassion. For more information about Greystone, please visit www.greyco.com.
About Greystone Management Solutions
Greystone Management Solutions, a division of Greystone & Co., Inc., was established in 1999 to provide commercial real estate services for private and public sectors clients. Greystone Management Solutions specializes in managing and providing leasing services for public transportation agencies including the New York Metropolitan Transportation Authority (MTA) and New Jersey Transit Corporation (NJ Transit), the first and third largest transit systems in the nation, respectively.
About Jones Lang LaSalle’s Public Sector Real Estate Practice
Jones Lang LaSalle’s public sector real estate practice is a premier provider of strategic real estate advisory and transaction services for local, state, national and international public institutions, covering the spectrum of the real estate cycle. From strategy and project management to transaction execution, Jones Lang LaSalle brings public sector entities the perspective and expertise to turn a real estate portfolio into a collection of working assets that meets operational and occupancy requirements while generating revenues and reducing costs.
JLL (JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.
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- real estate
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