JLL Snags Leasing/Management Contracts for 890,000-SF Downtown DEGI Portfolio

NEW YORK CITY-Jones Lang LaSalle’s New York Office has landed a major new assignment, snaring both the leasing and management contracts for a portfolio of Downtown assets owned by one of Germany’s largest real estate funds. The three Wall Street buildings belong to Deutsche Gesellschaft Fur Immobilienfonds mBH, and comprises 890,000 sf.

The DEGI properties include the 303,175-sf 67 Wall St., 486,000-sf 95 Wall St. and 99,916 sf 99 Wall St. 95 Wall Street is 100% leased to JP Morgan Chase.

In an interview with GlobeSt.com yesterday afternoon, Jones Lang Executive Vice President Alex Gilbert and managing director Frank Doyle said DEGI chose JLL for the vast reach of its platform and the hands-on presence it is planning for the Wall Street portfolio. Prior to signing with JLL, the assets were handled by Schlang Bros & Co., a locally based, family-run firm.

“They selected us for our global platform, where we are able to do work for them in multiple markets,” Doyle tells GlobeSt.com. “And DEGI is in acquisition mode, so they want our global platform. They want to talk with somebody in the Netherlands, somebody in Germany, in London, in New York. The global platform allows them to consolidate their service providers and really deal with one firm, as opposed to a New York family who didn’t offer them anything outside New York.”

“We’re going to put someone onsite who will be entirely focused on their portfolio,” adds Gilbert. “Someone dedicated to serving their needs only. That’s very attractive to them.”

According to Doyle and Gilbert, a “significant rebuild on the third, fourth and fifth floors at 67 Wall St.” is planned with space expected to be ready for occupancy early next year. They declined to discuss the cost of the improvements.

DEGI is part of the Allianz Dresdner Real Estate Group, which includes more than 5,660 properties with a market value of more than $20 billion.

In the New York Tri-State market of New York, New Jersey and Connecticut, JLL provides leasing and management services for 25 million square feet of office buildings and represents 1.7 million square feet of leasing transactions annually.