Exclusive Interview With Louis Tomaselli of Jones Lang LaSalle
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IRVINE, CA-Louis Tomaselli is a 27-year veteran of the CRE industry, specializing in agency leasing, tenant representation, industrial and logistics, corporate solutions, development and asset strategy. Tomaselli has dealt with clients ranging from Fortune 500 firms and visionary entrepreneurs to leading investors and high-profile developers. This year, he aided the merger of Jones Lang LaSalle and the firm he founded in 2010, 360 Commercial Partners, in order to align the Orange County team with JLL’s integrated global-services platform, as GlobeSt.com previously reported. GlobeSt.com recently chatted with Tomaselli, now JLL’s senior managing director, to discuss the changing industrial landscape, what the merger means for the firm’s clients and his ultimate goals in Orange County.
GlobeSt.com: When did you realize that you’d need a global platform to provide your clients with the services and connections they need?
Tomaselli: At 360 Commercial Partners, we were primarily focused on working with owners and investors and were successful in winning more than 3 million square feet of office and industrial lease and sale assignments in the first 30 months from our launch in 2010. Most of our clients are large institutional investors or advisors who represent institutional funds and, as we continued to grow, it became apparent that in order to continue to deliver the five-star service we were known for in Orange County and Southern California, we would need to be able to also provide a broader West Coast and even international suite of resources to share with our clients so they could succeed. Why is a global platform necessary for local Orange County owners and operators? We feel that a global platform is necessary in order to deliver the biggest picture view of the world in order to make the best-informed decisions. We will continue to win assignments by providing our clients with the best market information, on both a micro and a macro level, diverse resources and the highest level of service, regardless of whether the client is local regional or international.
GlobeSt.com: How has the industrial market changed over the past two years in that you felt it was necessary to be able to provide additional services?
Tomaselli: The industrial market has recovered in Orange County and Southern California, with vacancies at 5% or less, commensurate with the vacancies pre-recession. New development in the industrial market is limited, and tenants in the market—especially those seeking class-A product—have few choices. Moving forward, lease rates will increase and landlords will need the best intelligence available to make smart decisions about rates and terms that are in line with market conditions and trends. The Jones Lang LaSalle platform provides us all the tools necessary to deliver that information along with strategic solutions to our clients.
GlobeSt.com: What were the key attributes that you were looking for when considering a firm with which to merge or align?
Tomaselli: Most importantly, we were looking for a firm that was culturally aligned, a firm that emphasized collaboration rather than competition from within. We looked for a firm that provided tools to enable us to be proactive as well as an arrangement where we could be consultants and advisors to our clients, not mere salespeople. It was also important that team members were polished and professional, with ethical- and moral-based decision-making as opposed to the gunslinger model of “eat what you kill and move on to the next hunt” without regard for the clients. We wanted to align with a firm where developing and delivering win-win relationships between landlords and tenants was of the utmost importance. We believe we have found the perfect marriage.
GlobeSt.com: How does this merger benefit your clients?
Tomaselli: We now have the ability to offer a remarkably broader array of commercial real estate services to all of our landlord, investor, tenant and owner-occupier clients. Our clients also benefit from the ability to leverage a global-services platform and broad client connections around the world. These unique advantages, combined with the service and advice of our highly skilled professionals, will provide our clients with a competitive edge toward succeeding in their respective pursuits.
GlobeSt.com: What real estate services do you feel are the most important to industrial owners, occupiers and investors in today’s market?
Tomaselli: The key is the ability to deliver any and all the aligned services any client would need in a broad but scalable platform. Clients want a firm that will deliver the best of the best-aligned services across the world, not just in a few markets.
GlobeSt.com: What are your goals for the Jones Lang LaSalle Orange County industrial team?
Tomaselli: Our number-one goal is to align our team with all the industrial owners, tenants and owner-occupiers in Orange County in order to develop deep and long-term relationships, whether they have a need today or in the long term. We want to continue to deliver solutions to help our clients be successful.
Be sure to visit GlobeSt.com's NEW Sectors-to-Watch page for in-depth looks on the Hotels, Industrial, Multifamily, Office, Retail, Student Housing, Net Lease and Healthcare Real Estate markets.
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