LaSalle eyes $2B CRE investment as market recapitalizes
Jones Lang LaSalle Inc.’s investment management division is eying $2 billion in property investments in key markets this year, Citybiz Real Estate reported.
LaSalle Investment Management said Tuesday that Washington, D.C., is among the markets in which it has projected strong economic performance, including above-average rent growth in office, apartment and retail properties.
“There are a number of high-quality assets which are owned by strong operators that are in need of an infusion of equity,” said Wade Judge, managing director with LaSalle Investment. “We believe the stabilization of the commercial real estate market which took place in 2010 has brought more certainty to valuations. That stabilization should make 2011 a good year for current owners to recapitalize projects, and we will be active in that space.”
The company expects the recapitalization of high-quality commercial and multifamily assets to pick up this year and plans to take part in the process as it makes outright acquisitions.