October 10, 2011
By Barbra Murray, Contributing Editor
Commercial real estate services firm Jones Lang LaSalle has substantially deepened its foothold in the Pacific Northwest overnight with the merging of operations with Pacific Real Estate Partners Inc.
In the nearly 20 years since its formation, Pacific Real Estate has risen to the top of the heap in the Pacific Northwest’s real estate services industry. With a team of 49, the firm offers cultivated expertise in the leading Puget Sound markets, including metropolitan Seattle, Tacoma and Portland, and extending into neighboring Vancouver, B.C.
The firm’s past successes include the repositioning and lease-up of One Main place in Portland for RREEF, which had acquired the 315,000-square-foot office tower in August 2006 when the tenant roster was only 21 percent full. Twenty-four months later, Pacific Real Estate had boosted the occupancy level up to 97 percent. It also facilitated the $72.5 million sale of the 197,000-square-foot 5th & Bell office property in Seattle to Hines on behalf of Touchstone Seattle Venture II in 2007, drumming up enough attention through marketing to facilitate a three-round bidding war for the building, which had a 16.5 percent shell-condition vacancy and a 2/3 ground lease.
Pacific Real Estate comes to the table with a solid proficiency in investment sales and landlord and tenant representation in the office, industrial and retail sectors, all of which will be combined with JLL’s skills in project and development services and multifamily investment sales.
“The merger of Jones Lang LaSalle and Pacific Real Estate Partners was driven by client demand for broader and deeper services, as well as the anticipated growth of the Pacific Northwest,” Elizabeth Hearle, Northwest Market Director, JLL, noted in a prepared statement. “While this is a mutually beneficial merger for Pacific Real Estate Partners and Jones Lang LaSalle, the real beneficiaries are our clients who will now have access to a broader platform and local market expertise from a firm that is the clear leader in the market.”