Acquisition Strengthens and Expands JLL's Project and Development Services Capabilities
CHICAGO, IL -- (Marketwired) -- 06/03/16 --
In a strategic move to broaden its Project and Development Services (PDS) offerings, JLL (NYSE: JLL) has acquired Merritt & Harris, Inc. (M&H), a leading provider of construction-related consulting services for real estate lenders and investors during new construction, renovations and workouts.
Since it was founded in 1937 as the first construction monitoring company in the United States to represent the interests of the lending and investment community, M&H has built a reputation for helping its clients make informed financial decisions and mitigate risk. Its comprehensive services include cost estimating, property condition assessments, plan and cost reviews, pre-construction analysis, project management, workout and distressed property assistance, and LEED/environmental services. M&H professionals apply hands-on expertise to all property types including commercial, residential, hospitality, retail, industrial, educational, medical, sports, gaming, entertainment, parking, airport and mixed-use.
"M&H's deep experience and reputation in cost estimating and property condition assessments make a powerful addition to JLL's comprehensive PDS services," said George Ladyman, Managing Director, JLL Projects. "With this acquisition, we're gaining a group of experts who share our cultural values of ethics, excellence and working together to help clients protect the value of their projects."
M&H, which is headquartered in New York with additional offices in Glendale, California, and Deerfield Beach, Florida, has been involved with a number of high-profile office and mixed-use projects, including World Trade Center Towers 3 and 4, the One Manhattan West and One Vanderbilt Place office towers and the Hudson Yards Platform Towers A and C.
The company also operates a number of specialty groups that serve niche industry areas. M&H Sports has established itself as one of the pre-eminent firms performing arena, ballpark and stadium construction consulting, having worked for bondholders and assurers, lenders and government authorities on more than 50 of the most prestigious sports facilities in the country, including Mercedes Benz Stadium and SunTrust Ballpark in Atlanta, U.S. Bank Stadium in Minneapolis and Golden 1 Center in Sacramento. Through M&H Latin America and M&H Caribbean, the firm has performed services for hundreds of world-class resorts.
More than 40 M&H architects, engineers, cost analysts and construction experts will join JLL, including President and CEO Manny Kratsios.
"We were immediately impressed by JLL's reach and depth of services," said Kratsios. "This is an ideal situation for us to expand our business, provide a broader platform to our clients and give our people opportunities to continue their professional growth."
As a leader in cost estimation services, M&H provides comprehensive cost analysis for construction projects to lenders and the real estate community. The firm's experienced cost estimators work closely with architects and engineers to determine replacement costs and insurable values, analyze developer and contractor budgets, monitor the status of project documents and evaluate construction risks.
Additionally, M&H's Property Condition Assessment team provides detailed assessments to determine the quality and condition of building structures, systems and equipment while identifying items in need of repair or replacement and estimating the associated costs of remediation. Through long-term association with proven sub-consultants, M&H also provides analysis of everything from roofing and waterproofing systems to life safety systems and environmental conditions.
JLL (NYSE: 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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About Merritt & Harris, Inc.
Founded in 1937, M&H was the first company to be formed solely for the purpose of representing the real estate lending and investment industries during new construction, renovation, acquisition and disposition. Its architects, engineers, construction specialists and cost estimators provide reviews of construction documents and budgets, construction monitoring, property condition assessments, energy auditing and LEED consulting. Headquartered in New York, the firm also has offices in Glendale, California, and Deerfield Beach, Florida.
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