by Brianna Crandall — September 16, 2013—In a strategic move to aggressively expand its industry-leading third-party property management expertise, Jones Lang LaSalle recently announced that it has acquired Means Knaus Partners (MKP), a Houston-based property management company. The transaction will boost JLL’s portfolio of office space under management by approximately 16 million square feet with properties located primarily in Chicago, Dallas, Denver, Houston, Los Angeles, Orlando and Tampa. This is in addition to the acquisition announced in August of NAI Capital Realty, a commercial real estate firm that serves the greater Kansas City metropolitan area and specializes in leasing, property management and sales of industrial, office and retail properties; land sales; and project management and development services.
Founded as a private real estate investment and management company in 1998 by industry veterans Steve Means and Doug Knaus, Means Knaus Partners manages 80 prime metropolitan office assets throughout the United States. Doug Knaus, MKP CEO, will join Jones Lang LaSalle as an International Director, and Robert Nowak, MKP COO, will join JLL as a Managing Director, along with nearly 100 MKP employees.
This acquisition will reportedly add depth to JLL’s capabilities in office property management and significantly bolster its current market share in this sector. JLL currently holds No. 1 positions in Chicago’s central business district (CBD) and Denver, and the No. 2 position in Chicago suburbs. The combined firm will hold the No. 1 position in Orlando and the No. 2 slot for third-party management in Los Angeles County.
“Our MKP colleagues bring deep expertise and strong client relationships to JLL, resulting in a powerful fit that will enhance the combined platform’s strength in key markets,” said John Gates, President of Jones Lang LaSalle’s National Real Estate Services. “Both JLL and MKP have impressive legacies in property management, and we both operate with a vested ownership mentality that will bring greater value to our clients.”
“Over the past several years MKP has been approached by several leading real estate companies that were interested in acquiring our growing enterprise,” said Knaus. “However, what resonated with us was JLL’s legacy of performance excellence, global platform, collaborative leadership team and commitment to client service. It is this leading platform of services and extended capabilities that we can now provide our client base.”
An explanation about the acquisition, as well as videos introducing Jones Lang LaSalle and celebrating the company’s 40-year history, are available on the JLL Web site.
Means Knaus Partners is a privately held commercial real estate firm that manages, leases, acquires, renovates and develops institutional quality real estate projects with its valued clients and partners. MKP evolved out of the Paragon Group, with its roots as an operating unit going back to 1981, and was established as a private real estate investment and management company in 1998.
Jones Lang LaSalle is a global professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. JLL operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet.
