LaSalle Investment Creates Medical Office Group

CHICAGO-LaSalle Investment Management, a subsidiary of Jones Lang LaSalle, has formed a division to pursue investments in the medical office building sector, naming Steve Bolen as SVP in charge of the new Medical Office Group. Bolen comes to the position from HealthCare Financial Partners, a private REIT based in Chevy Chase, MD where he was SVP and chief investment officer.

Also joining the new division is Bill Maggard, who will be its SVP. He had been a SVP at Jones Lang LaSalle Development and director of development for the Healthcare Division since 1998, and before that was VP of the Medical Division at Duke Realty Investments, now Duke-Weeks Realty.

“Our primary objective is to develop investment programs that capitalize on the attractive risk-adjusted returns currently available in the medical office sector,” says Bolen. “At a time when capital isn’t available to traditional buyers of medical office buildings–healthcare REITS–the underlying fundamentals of the sector are sound.”

LaSalle Investment Management currently has about $21.5 billion of real estate assets under management. “With the formation of our medical office group, we’ll be able to provide our clients access to what we believe is a very attractive sector,” says Lynn Thurber, CEO of LaSalle Investment Management.