JLL's expansion plans for the Bay Area were first reported on GlobeSt.com in July. At that time, Sengelmann told GlobeSt.com that the regional expansion follows the significant growth in the firm's local business, growth it expects to continue. Since July 2005, the firm has expanded its management portfolio by more 10 million sf and added two big name corporate clients.
Its property management business now totals more than 31 million sf and its corporate clientele includes Sun Microsystems, Cisco Systems, Solectron, VeriSign, Synopsys, Kaiser Permanente and Wells Real Estate Funds. "We've got great momentum and very ambitious plans," Sengelmann told GlobeSt.com in July. He was not available Friday to discuss the size and the length of its lease commitment.
The new office, located at 1900 University Circle in East Palo Alto, is JLL's second Bay Area office. The other is at One Post Street in Downtown San Francisco. Mathisen comes to JLL from CB Richard Ellis, where he has been for the past 16 years, most recently as senior vice president. Major sales assignments have included Santa Clara Gateway, Regency Plaza and San Tomas Business Park.
The opening of the Silicon Valley office also will allow for the continued West Coast expansion of the firm's capital markets business in Northern California. In September, JLL made two key additions to its capital markets team. Dave Christensen, most recently a vice president and regional manager with Fremont Investment & Loan, is now executive vice president of the San Francisco Capital Markets Group, in charge of launching the West Coast expansion of JLL's real estate investment banking franchise. In addition, JLL vice president Rob Hielscher shifted to the San Francisco Capital Markets Group from Chicago.
Led by Michel Seifer, the local Capital Markets team is on pace to complete over $1 billion in capital markets transactions in 2006. Significant deals this year included the $215 million sale of Sun Microsystems Newark campus, Wind River 201 Moffet Park in Sunnyvale and Great America Plaza in Santa Clara.
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