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Jones Lang LaSalle Incorporated
200 East Randolph Drive
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7...
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"They are getting comfortable that the ...
"They are getting comfortable that the tenant base is there and they can achieve the goals their shareholders are demanding from them," says JLL's Michael Shenot told the Wall Street Journal.
Manhattan Sees Robust Office Growth | News | Silverstein Properties
"The more discerning buyer is at a greater risk for price inflation in 2015," said Michael Shenot, managing director at JLL, referring to tenants looking for top floors at top-quality towers.
Mas, left, and Shenot joined ...
Mas, left, and Shenot joined forces at Jones Lang LaSalle in 2004.
For veteran brokers Michael Shenot and Paul Mas of Jones Lang LaSalle, however, it's the only market in town.
"There are serious issues to staying in place," added Mr. Shenot
, who said the existing lease has an extension clause that would allow the member firms to stay past August, when it's set to expire.
and Mas have completed 30 deals.
As both men will admit, their success as a team has been buoyed by Mr. Shenot's
financing expertise and Mr. Mas' deep knowledge of raw, undeveloped sites.
Among their earliest deals, they said, was a transaction for State Street Bank during the days when Mr. Shenot was still working in the real estate department of Merrill Lynch and Mr. Mas was at Abrams Benisch Riker.
As a result, Mr. Shenot
was tasked 10 years later with leasing space at some of the newly acquired buildings, among them the World Financial Center.
"Each developer had a little different view on how they might approach the construction of the site," said Mr. Shenot, 49, a New York native hired by JLL following real estate positions at Merrill Lynch and Goldman Sachs.
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Michael Shenot ...