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Firm brings experience at Chicago’s Union Station, New York’s Grand Central Terminal and other transit hubs to new assignment near Minnesota state capital
ST. PAUL, Minn., May 24, 2012 — Jones Lang LaSalle NYSE: JLL) announced today that the firm has been selected by the Ramsey County (Minnesota) Regional Rail Authority as the exclusive property management and retail leasing agent for St. Paul Union Depot.
The historic facility is being undergoing
a $243 million transformation from a defunct rail station to an active transit
center in the heart of St. Paul’s thriving Lowertown neighborhood. It will be
the terminus of Twin Cities’ new light-rail transit line, which connects the
downtowns of Minneapolis and St. Paul, as well as local and inter-city bus service, taxis, Amtrak and— in the
future— high speed rail service to Chicago.
The county and other local agencies hope that these modes, along with car, bicycle and pedestrian traffic, will create a magnet for shopping and entertainment and other types of commercial development. Jones Lang LaSalle is now finalizing its agreement/contract with the RCRRA.These modes, together with motor vehicles, bicycles and pedestrian traffic, will create a magnet for shopping and entertainment.
“Jones Lang LaSalle shares our vision for Union Depot and is uniquely qualified to help make it a reality for a leasing and management standpoint,” said RCRRA Chairman Jim McDonough. “We are extremely excited to partner with this best-in-class provider on this important project.”
Jones Lang LaSalle is the largest third-party retail property management firm in the U.S. and has extensive experience in the management and operations of transit stations including Union Station in Washington, D.C., Chicago Union Station and New York City’s Grand Central Terminal.
“Our experience overseeing leasing and management at a variety of other major transportation hubs across the U.S. gives us a unique insight that we are eager to leverage for the benefit of St. Paul Union Depot,” said Mark Hunter, Senior Vice President and Midwest regional head of Jones Lang LaSalle’s Retail division. “We share the RCRRA’s vision for Union Depot as a ‘community center’ and economic development engine and look forward to helping revitalize the property to that end.”
In addition, the firm has a corporate office in downtown Minneapolis and serves as property manager for the Rosedale Center and Calhoun Square malls and leasing agent for a 2.8 million-square-foot portfolio of local office properties. Jones Lang LaSalle employs more than 200 professionals in the greater Twin Cities region.
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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 $47.7 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
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