|JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997|
approximately 71 million additional square feet of primarily office and
industrial space. Including Galbreath, the Company would have ranked as the
third largest property management firm in the 1996 CPN Survey.
[Bar graph depicting the Management Services group's total square footage under
management for the period 1992-1996]
Property Management and Leasing Services. Active since 1978, the Company's
Property Management and Leasing Services unit operates, markets and leases
commercial real estate. The Company was a pioneer in the development of value-
creating property management services. The Company's goal is to enhance its
clients' property values through aggressive day-to-day management focused on
maintaining high levels of occupancy and tenant satisfaction, while lowering
the operating costs of such properties. The Company's Property Management and
Leasing Services unit generated approximately $52.3 million in revenue in 1996.
Prior to the merger of Galbreath with the Company, the Company represented
more than 70 property owners, providing on-site Property Management and Leasing
Services for approximately 170 office, retail, mixed-use and industrial
properties, in 29 of the largest markets in the U.S. During 1996, leasing
professionals completed over 1,200 lease transactions totaling approximately
9.5 million square feet. As a result of the merger of Galbreath with the
Company, the Company assumed management responsibility for over 200 additional
properties in five additional markets (including two of the largest markets in
the U.S.) for over 20 new institutional real estate owners.
The Company provides property management or leasing services, or both, for
many well-known buildings, including the Amoco Building in Chicago, the
Citicorp Center in New York, and the Transamerica Building in San Francisco.
While major office buildings represent the Company's most visible assignments,
the Company is also active in the management of retail projects, industrial
real estate, mid-size assets of all types and portfolios of smaller properties.
The clients of the Company's Property Management and Leasing Services unit
include domestic and international pension funds, the Company's own investment
funds and third-party corporate and institutional investment clients.
Representative clients served in 1996 included The Allstate Corporation, Amoco
Corporation, Lincoln National Corporation, Mitsui Fudosan Co. Ltd. and
Consolidation among property management and leasing companies, in combination
with improving leasing markets, provides significant opportunities for the
Company. Since the fee arrangements for most of the Company's Property
Management and Leasing Services assignments are largely dependent on property
revenues, the Company has benefited from the national recovery in commercial
real estate markets. This recovery has been characterized by rising average
commercial rental and occupancy rates during the 1993-1996 time period.
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