JLL adds three new SVPs to their restructuring team
JLL today announced the addition of Steve Monroe, Ted Parris, and Frank Scherer as Senior Vice Presidents of Retail Restructuring
Chicago, July 1, 2019 – JLL today announced the addition of Steve Monroe, Ted Parris, and Frank Scherer as Senior Vice Presidents of Retail Restructuring. The three veterans join JLL from Newmark Knight Frank’s Corporate Lease Restructuring Group where they shared decades of experience in restructuring leases for large corporate clients. JLL’s Retail Lease Restructuring team is headed by Walter Wahlfeldt, Executive Vice President at JLL.
“Steve, Ted, and Frank are industry veterans with decades of restructuring experience, and we are excited to welcome them to our team,” said Wahlfeldt. “Their experience restructuring leases for large multinational corporations will be invaluable in providing our clients with the expert guidance necessary to restructure their existing retail leases and maximize the value of their real estate holdings.”
Steve Monroe and Ted Parris both served as Co-Chairs of the Corporate Lease Restructuring Group at Newmark Knight Frank. Parris specializes in lease mitigation and rent reduction. During his career Parris has completed more than 100 million square feet of transactions valued in excess of $10 billion for major corporations like AT&T, GE Capital, Dunkin Brands, and Kmart. Prior to working at Newmark Knight Frank, Parris was a Principal at Staubach/Tanguay Burke Stratton and is a member of the American Bankruptcy Institute and the Turnaround Management Association.
Monroe spent his time at Newmark Knight Frank’s specializing in lease mitigation and restructuring, helping clients reduce their contingent real estate liabilities by more than $250 million. Some of Monroe’s corporate clients include Starbucks, Walgreens, Shell Oil, and KFC. Most recently he secured $150 million in rent reduction during Chapter 11 Lease Mitigation for the R.H Donnelley Corporation. Monroe is also an active member of the American Bankruptcy Institute and Turnaround Management Association and was named both National and Chicago Retail Broker of the year by Newmark Knight Frank in 2009.
Frank Scherer served as the Managing Director of Newmark Knight Frank’s Portfolio Restructure Group since 2009. Scherer brought his expertise in restructuring to assist clients seeking to readjust or decrease overhead costs in order to reinvest back into their business. Prior to joining Newmark Knight Frank, Scherer was a 35-year veteran of the restaurant industry working with VICORP Restaurants Incorporated, where he spent 11 years as their Vice President of Real Estate and Development. His depth of experience in the restaurant industry made him an integral member on the team that helped VICORP Restaurants Incorporated successfully exit Chapter 11 bankruptcy.
At JLL, we are passionate about retail. We deliver great experiences for shoppers – from high streets to shopping malls. As the leading third-party retail service provider, we have access to more than 1,960 centers totaling 160 million square feet under management, for lease and/or sale. Our more than 950 retail experts spanning over 40 markets, support 1,585 clients by delivering management solutions, restructuring or renewing leases and debt, providing disposition or investment strategies and/or evolving retail space to keep pace with the ever-changing consumer. See how we’re helping our clients achieve their ambitions, and subscribe to the Where We Buy podcast series for real talk on the trends impacting retail.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.