The acquisition shouldn't come as a surprise, says MB's Kevin Purcell, senior vice president and managing director of asset management. For the past year and a half, MB and Keystone have been working on a 129 single-family home development on the city's South Side. Keystone has assisted MB on office projects as well.
"Either we were going to hire people who had that expertise or we were going to acquire a company with the expertise," Purcell tells GlobeSt.com. "This relationship was already in place; it was a good fit." While Purcell admits that this acquisition will add value to MB, he could not disclose the company's costs related to the purchase.
The two companies have a history of working together to manage construction and development projects. Recently, the two firms converged to renovate the entrance, lobby and retail space of 200 W. Jackson, as well as relocate and consolidate the American Cancer Society's Chicago and regional headquarters.
Purcell says the acquisition was an ideal fit because MB has added three million sf to its third-party management portfolio, which creates opportunity for a number of capital improvements. "More and more tenants are looking for that one-stop shop in the site-selection process," Purcell adds.
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