DES MOINES, IA-Principal Financial Group has hired Jones Lang LaSalle to handle its all of its real estate transactions for its 4.3-million-square-foot portfolio. The contract includes property duties for the company’s 2.4-million-square-foot corporate campus here, as well as more than 150 offices throughout the world.
Principal previously had a contract with Terrus Real Estate Group. Richard McBlaine, international director with JLL, tells GlobeSt.com that his firm will now handle services such as facilities management, transactions, lease administration, occupancy planning, consulting and projects for the portfolio.
He is joined by Blake Layda, Scott Tibbo, David Passaglia, Bill Thummel and Richard Tan on the account. McBlaine says there is a continuing trend of private corporations outsourcing real estate work, “as opposed to bifurcating their spend with multiple service providers.” Principal started out as an insurance firm, but now has $335.8 billion in assets under management.
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