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News release

New York

Jones Lang LaSalle Bolsters Real Estate Investment Banking team with Value Recovery Services Expert

Joshua D. Gleiber joins team as Asset Management and Workout Specialist


NEW YORK, JUNE 12, 2009 — In response to the growing demand for specialized services such as the workout and asset management of distressed real estate debt and equity positions, Jones Lang LaSalle announced it has tapped Senior Vice President Joshua D. Gleiber to bolster its growing Real Estate Investment Banking  (REIB) team as a Value Recovery Services specialist.  Mr. Gleiber joined the firm four years ago as the North American Transaction Manager as part of the firm’s Corporate Solutions business.
 
“Clients are demanding resolutions for a whole host of assets, including both performing and nonperforming loans and real estate owned,” said Bart Steinfeld, Managing Director of Jones Lang LaSalle’s Capital Markets Group and head of the REIB practice.  “By adding someone of Joshua’s calibre to our REIB team, we are furthering out mission to help clients understand these new trends and create solutions that will help them react decisively.”
 
Added Managing Director and head of Jones Lang LaSalle’s Value Recovery Services for financial institutions Noble Carpenter, “Joshua’s skills and strategic knowledge of loan workouts combined with his experience within the firm’s Corporate Solutions practice will further enhance the services Jones Lang LaSalle is offering to help clients comprehend these difficult financial times.  We are very excited to welcome him to the team.”
 
Mr. Gleiber has more than 20 years of experience in real estate, finance, banking, construction, development and asset management with a strong concentration in the workout and asset management of distressed real estate debt and equity positions.  He has completed more than $500 million in acquisitions and dispositions, $300 million of financing, and two million square feet of leasing transactions.
 
Prior to joining Jones Lang LaSalle, Mr. Gleiber held various roles at Carlton Strategic Ventures, LLC; Artery Capital Group, LLC; GARI Realty Advisors, Inc.; Meringoff Properties; BRT Realty Trust and EAB Bank/ABN Amro.  Mr. Gleiber’s experience in the workout and asset management of distressed real estate debt and equity positions began in 1991, when he joined EAB Bank/ABN Amro.  There he was responsible for a portfolio of approximately $500 million of distressed real estate assets.  He later joined BRT Realty Trust, where he was charged with the liquidation of real estate debt and equity positions in BRT’s distressed portfolio and was a member of its Loan Committee.
 
Mr. Gleiber earned his undergraduate degree of Business Administration in Finance from The George Washington University and his Masters in Real Estate Investment and Development from New York University (NYU).  He has served as an Adjunct Professor at NYU in their Master of Science in Real Estate program teaching a class in Real Estate Capital Markets.  In addition, he has served on the Alumni Board and as a Governor of the Alumni Board for that program at NYU for over 10 years.  He is a member of The Real Estate Board of New York, Long Island Real Estate Group, and Commercial Brokers and Industrial Society of Long Island.  He is a Licensed Real Estate Broker in the State of New York.
 
Through its Value Recovery Services, Jones Lang LaSalle is focusing its extensive expertise in all facets of commercial real estate to provide specialized services to clients that are affected by the current financial crisis.  These services include helping financial institutions address the operational, occupancy and cost reduction needs resulting from the rapid pace of mergers and acquisitions in that industry.  They also include advising those financial institutions with troubled loans and foreclosed real estate (REO) on their balance sheets, including note sales and disposition of REO.  Additionally, the firm is providing receivership services, asset and property management, leasing and disposition services for clients with assets experiencing financial difficulties or foreclosure.  The firm also is helping clients raise capital by monetizing owned facilities through sale-leaseback transactions and providing creative asset management and financial solutions to hotel owners and investors struggling in current markets, and assisting owners and lenders in developing asset value creation and recapitalization strategies for underperforming investment properties.
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.   The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from vacant buildings to raw land to entitled parcels and partially completed subdivisions.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
About Jones Lang LaSalle
 
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $46 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
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