BOSTON—Greystone and Jones Lang LaSalle have been jointly awarded a five-year real estate services contract valued at $2.8 million by The Massachusetts Bay Transportation Authority and the Massachusetts Department of Transportation.

JLL and Greystone will provide real estate asset management, property disposition, and consulting services to the two transportation agencies and will also oversee management of leases, licenses and easements. Other services include accounting and billing, the identification and execution of the disposition of surplus properties and to provide on-call consulting services to support the MBTA's Real Estate and Asset Development Department, MassDOT and other MBTA departments as requested.

“The MBTA is truly innovative in its approach to managing real estate, setting the bar high and looking for new, innovative opportunities to elevate its real estate portfolio,” says Patrick Flinn, managing director of public institutions, JLL. “This appointment highlights the growing trend among government agencies to engage advisers to help them optimize and run their commercial real estate portfolios. We look forward to supporting the MBTA's strategic and operational activities."

“We are excited about working with the MBTA to provide improved services to transit guests while creating incremental non-fare box revenue,” adds Charles Di Maggio, head of Greystone Management Solutions, a division of Greystone. “Our teaming with JLL is designed to provide an unparalleled team of transit real estate experts and an essential platform for delivering high-quality services to the MBTA.”

The transition for services provided for MBTA and MassDOT by Greystone and JLL begins on May 1, 2014.