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Washington, D.C. remains essential investment market in 2013 and key to JLL’s growth strategy
WASHINGTON D.C., Jan. 1, 2013 — In an effort to drive growth in its overall Capital Markets business, Jones Lang LaSalle (JLL) today announced it is expanding its Mid-Atlantic platform with the addition of capital markets leader Bill Prutting. Prutting will serve as a Managing Director in Washington, D.C., focusing on office investment sales and partnering with the firm’s leading real estate investment banking (REIB), multifamily and international capital experts to further expand JLL’s client expertise in this critical market. Prutting is a 24-year veteran of the metropolitan D.C. commercial real estate industry and has led a number of the region’s highest profile capital markets assignments, most recently the $700 million sale of CityCenterDC. His leadership in investment sales, equity placement, structured financing, strategic advisory and leasing will bolster the firm’s continued and strategic growth along the Eastern Seaboard.
“Washington, D.C. has historically been a strong driver of investment sales and remained resilient throughout the recession as a core target for both national and international capital,” said Jay Koster, Americas Capital Markets President, Jones Lang LaSalle. “Hiring Bill is an important step in bolstering our office investment sales efforts in D.C. He will play a key role in helping us drive the momentum of our Eastern Seaboard growth strategy—leveraging client relationships that span all the way from Boston, to New York, New Jersey and Philadelphia and the rest of the globe.”
Prutting joins JLL from a competitive global brokerage firm where he held a leadership position in the office capital markets practice in Washington, D.C. Prior to his focus on capital markets, Prutting was one of the region’s most accomplished leasing professionals, having represented a number of the top domestic and foreign institutional owners, and global corporate and law firm tenants. Prutting's uniquely integrated local market sales and leasing experience will enable JLL to construct a robust platform that will support on-going client demands.
In his new role, Prutting will build upon the firm’s presence in the region by partnering with International Director Steve Collins, Executive Vice President Jim Molloy, and Managing Directors Wes Boatwright, Al Cissel and Scott Melnick to drive a cohesive and integrated capital markets effort in this vital region.
“Bill has closed more than 85 assignments totaling more than $6 billion making him one of the strongest players in the D.C. region as a direct result of consistently creating successful outcomes through hands-on involvement and unmatched financial skills,” said Collins. “He’s going to make an immediate impact for clients and set in motion even greater successes going forward.”
Prutting earned his bachelor’s degree from the University of North Carolina – Greensboro. During the past seven years, he has won three of the “Sales Transactions of the Year” from the Washington Business Journal. He is a member of the Urban Land Institute (ULI) and a past president and member of the Greater Washington Commercial Association of Realtors (GWCAR).
“In 2013, the D.C. region should see a restrained development pipeline that will gradually balance the abundance of space options. This will position the market for a swift recovery once normalized economic growth resumes,” said Mike Ellis, Washington, D.C. Market Director, Jones Lang LaSalle. “We can expect transaction volumes to improve steadily over the next several years as the debt markets remain fairly liquid in the region. Bill’s addition to our Capital Markets team will position us nicely to capture that growth for our clients.”
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.
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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 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 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 $47 billion of assets under management. For further information, please visit our website www.joneslanglasalle.com.
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