2015 was a memorable year for the JLL Capital Markets team. The group grew its market share significantly as investors recognized the value in a team that was built to provide full service capital markets expertise across the areas of office, industrial, retail, multi-family, hotel, and land sales as well as debt financing and equity placement.
In fact, JLL was recently ranked #1 by the Boston Business Journal in it’s list of top selling commercial real estate brokers in Massachusetts in 2015. The group completed 70 transactions totaling 14,120,000 square feet highlighted by the sales of Northpoint, 131 Dartmouth, 745 Atlantic, 670 Albany, and the Archer and Donahue Buildings.
With the addition late last year of Chris Angelone and his team from CBRE, who came over with a proven track record in retail and office investment sales, the group expects further increases in 2016. We caught up with our Capital Markets leaders Frank Petz and Chris Angelone to get their take on this expanded team and its increasing momentum in the market.
You’ve known each other for quite some time. Why did you decide to merge your two teams?
Frank: In 2012 when we started the new JLL Capital Markets platform, the focus was on covering the region across product lines and function lines. With Chris and his team, we were able to address a real need for the retail product line which we were lacking before. We were also able to bring in someone in Chris who could be a valuable partner on the strategic vision and overall management of the business.
Chris: We were watching from afar at what Frank was building here at JLL and how he was building it. We looked at what our combined team might look like in terms of strengths and capabilities, relationships, and personalities. As we did so, it became increasingly obvious that the combination of what we could bring to the table together would be very powerful for our clients and as a force in the marketplace.
There has been a lot of movement in the Boston real estate market lately. Why is this different?
Chris: If you look at the landscape of all of the movement that has occurred, a lot of that movement was predicated on outside forces that have nothing to do with being a better team or being on a better platform to achieve your goals. Most of the other changes were prompted by an acquisition or merger or some other factor. In the case of JLL, our combination of talent was designed to have a significant net gain for our overall team in the marketplace.
Frank: The change here at JLL was an accretive transaction, whereas the changes outside of us were just a change of platform. We made a long-term strategic move and were not simply motivated by short-term rewards. As a consequence, the team we built is now bigger, better, and stronger for our clients, and I don’t think others can say their moves had the same result.
Chris: We’re looking through our clients’ eyes on what has transpired and can honestly say that our clients our winners. I challenge anyone to tell me how the clients have won in any other recent activity in the marketplace.
What do you see as the future of this strengthened Capital Markets team?
Frank: We truly have an integrated, collaborative culture that is unlike any other. These recent additions have only helped to further ensure that our combined team is now well-equipped to cover all product types and all transaction types including sales, financing, and equity placement. Working together as one, we expect to firmly position ourselves as the go to source for all capital markets activity in the New England region.
Chris: As Frank has said, our goal is nothing short of building the number one full service capital markets platform in Boston. One of the reasons I’m here is because JLL is stockpiling an extraordinary amount of talent to lead the Boston brokerage industry for the next 10 years. I’m quite confident we will not only meet, but exceed, our long-term strategic goal.