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May 28, 2008

Delighted to announce that our next Bisnow Breakfast & Schmooze will be with Forest City's Debby Ratner Salzberg. Thurs., June 12, BLT Steak. (Yep, that's right, breakfast at BLT!) Special thanks to great sponsors Arent Fox and Davis Construction. Sign up now!


Some of us unwashed masses simplistically think of brokerages as, well, a bunch of brokers. But we know, deep down, there's way more to them, so we decided to put crack Bisnow investigators to work, taking renowned Jones Lang LaSalle as an example. What percent of JLL's activity in the mid-Atlantic do you think tenant and landlord leasing represent? Less than 50%. We're surprised, too!


It's taken us years, but using this paradigm, we finally figured out how top local honchos Dave McGarry (left) and Mike Ellis split the world: Mike runs leasing, and Dave everything else. (Hmm, Dave's contemplative look suggests he might just be learning that himself.) Dave headed Spaulding & Slye until its merger with JLL in January '06. Mike, a fifth generation Washingtonian who played rugby at Marquette, started with JLL in 1997. (At last, not lacrosse!)

Exotic Stones

Let's start with non-leasing brokerage, ie, capital markets, not just the buying and selling of buildings but investment banking services like debt and equity structuring. Yes, we remembered that John Kevill and Collins Ege (second from left and far right above, with colleagues Marshall Durston and Martin Kamm) did the largest deal in DC last year (Union Square) and recently set a DC price per SF record with the sale of 2099 Penn. But  JLL also recently arranged sophisticated construction financing for owner ASB Capital at 455 Mass, for Boston Properties at 20 F, and for Prudential at Victory Center in Alexandria. 


A second big non-leasing area is "PDS": project and development services. That could be overseeing interior work for DLA Piper or Foley & Lardner; or third party fee development like the renovation of Hotel Washington or 1801 K (in the poster above, guarded by PDS head Chris Molivadas). A third non-leasing specialty is construction services, where JLL has 60 people acting as general contractor for buildings like 80 M Street for Welles or 1100 NJ for William C. Smith.  A fourth area:  property management of 18M first class office space in the region, including 90 buildings like the Air Rights Center in Bethesda. As an adjunct they even do move management for the likes of Sprint and Unisys.


We may have lost count, but we think we're on number five: They've got 130 people focused on advisory and transaction services for public institutions, including, above, Kim Burke, Tim Eachus, and Kevin Wayer. JLL is one of GSA's four authorized real estate firms doing things with a national scope like helping the Army lease military housing and the VA lease medical buildings; or, locally, advising on public-private transactions for Fairfax County and DC.  Number six:  corporate outsourcing, where a Bearing Point or Comcast might hire them as in-house resources to do transaction management or portfolio analysis. Finally, they have "Spaulding & Slye at risk investments," where a developer might want them to align their interests by investing. Thanks to JLL for putting up with all our dumb questions—but we hope you get the point. Brokerages are not just brokerages.

The other night, we swung by WorkSpaces' spring bash in DC. Every time we publish a photo of their team, we're inundated by emails from both males and females asking for phone numbers. Sorry, we just provide names: Khalid Itum, Tom McGuire, Rebecca Bell Nordin, Caroline Shaul, Julian McMichael, Johnny VanHoosier.


June 12 Breakfast Schmooze with Debby Ratner Salzberg  Sign Up
June 24 Bisnow State of the Market Conference  Sign Up

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