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JLL purchased appraisal firm Metropolitan Valuation Services, which bills itself as the largest independent commercial property appraisal and real estate consulting firm in the greater New York metropolitan area.
JLL had 10 valuation professionals on staff for New York and the Tri-State Area, but this acquisition grows that number to 30. MVS’ expertise includes multifamily properties, office buildings in both core business districts and suburban areas, industrial and warehouse real estate, retail centers and land.
The addition will go a long way toward "helping investors and lenders navigate the changing face of real estate values," JLL said in an announcement about the acquisition.
“Joining forces with MVS enables JLL to enhance our service for existing clients, strengthen our multi-housing capabilities within this buoyant segment and scale our footprint across the U.S.,” JLL Head of Valuation Advisory for the Americas Tony Lenamon said in a statement.
Metropolitan Valuation Services President Steven Schleider told Commercial Observer that part of the appeal of the acquisition was “the high level of technology support that JLL brings to the table,” reportedly referring to the expansion of Valorem, a tool that provides real-time real estate values.
“We will also advise lenders and owners on navigating the valuation impacts that the energy mandates and sustainability regulations will have on commercial properties,” Schleider said in a statement.
“This will all lead to a better understanding of the upside to be gained by creating healthy, sustainable buildings while helping New York City achieve its net-zero targets,” Schleider said.
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