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NEWPORT BEACH, CA-Locally based Edwards Theatres Inc. has delegated management of its real estate portfolio to Jones Lang LaSalle, as part of a recovery plan aimed at improving the theater operator’s profitability.

Awarded with a two-year contract, Jones Lang will manage 3.4 million sf at 55 theater locations. The majority of Edwards’ cinemas are located in California, but the company also has holdings in Idaho and Texas. “We have already developed a web-based lease administration system to track the company’s extensive portfolio,” says Bill Suits, senior vice president at Jones Lang LaSalle.

As part of its responsibilities, Jones Lang will develop cost control programs and manage and negotiate all vendor contracts. In addition, the company’s project and development management group will assist in providing analysis and oversight for any capital improvement programs.

Edwards, which declared Chapter 11 bankruptcy in August 2000, recently implemented a recovery plan that included a $56 million cash infusion from investors LA-based Oaktree Capital Management LLC and Philip Anschutz. The investors currently own 51% of Edwards.

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