WASHINGTON, DC-It is day no. 2 for Bill Prutting Jr. at Jones Lang LaSalle, where he has joined as managing director, Capital Markets.
GlobeSt.com caught up with Prutting to talk about his reasons for leaving his fifteen-year position at CBRE and what his arrival at JLL means for his clients. Following are excerpts from his interview this morning.
On why he left CBRE: I needed to find a brand where I could continue to see a growth trajectory for the business I do day in and day out, and still meet all the needs of my clients. Also, after 15 years, you need a change.
About the clients and deals he is bringing with him: I have a very loyal client base and I am looking forward to doing business with those I have done business with in the past, as well as number of new relationships that exist here at JLL.
On what his jump to JLL means for his clients: JLL has a unique capability in that its offshore capital is very portable and readily available to our client base. That doesn’t exist anywhere in the US in any firm. That relationship base is managed by Steve Collins, International Director. What he offers are direct relationships at decision-making levels with overseas capital.
What else his move means for clients: My clients are pensions funds, overseas capital, local and regional investors and owners. I want to be able to offer then best-in-class professionals in every service line. At JLL, there is nothing we can’t provide a client at the highest level. That was truly the driver for me.
His thoughts on investment sales in DC this year: During my transition I spoke with countless investors and the common theme was unspent capital. From that I believe that trades will increase in early 2013. The DC market is at an inflection point, many believe, and the goal of capital is not necessarily to time the inflection point perfectly but to make a smart investment. There are enough barometers right now to indicate the inflection point is here.
We are expecting word from CBRE and we will update this story at that time.