JLL Acquires GGP’s Management Portfolio

CHICAGO-General Growth Properties, emerging from bankruptcy, is selling its third-party management subsidiary to Jones Lang LaSalle. Terms of the deal were not released, but JLL’s management division will take over 18 properties with 11.2 million square feet.

About 230 of GGP’s employees will move over to JLL in the deal, including about 20 here in Chicago and the rest at the 18 various malls throughout the country. Mark Hunter, former SVP of third-party management at GGP, Donn Fuller, who held the position of VP of asset management and development at GGP, and John Taylor, who was VP of accounting and finance at GGP, will become SVPs at JLL.