Jones Lang LaSalle Incorporated (JLL), a leading real estate investment trust (REIT), has recently tied up with Real Estate Disposition LLC, a global leader in real estate auction marketing, for online auctions of commercial properties.
The strategic move is intended to provide an impetus to the beleaguered commercial real estate market that was bogged down in the continued economic downturn and sub-prime crisis. The online auction program would increase the scope of traditional outreach and expose the property to a comparatively wider base of investors.
The first property to be auctioned online is an office building spanning 100,000 square feet in Ohio. The building was earlier occupied by Procter & Gamble Co (PG) and later became a surplus facility for the company when it shifted its headquarters to Cincinnati.
Jones Lang is a leading full-service real estate firm that provides corporate, financial and investment management services. The company caters to corporations and other real estate owners, users, and investors worldwide. A broad real estate product and service range, and extensive knowledge of domestic and international real estate markets enable it to operate as a single-source provider of real estate solutions.
Besides Jones Lang, CB Richard Ellis Group Inc (CBG) is also developing an online auction site. CB Richard is one of the largest global commercial real estate service providers with operations in major metropolitan areas throughout the world. The company offers a broad range of services to real estate owners, users, and investors in office, retail, industrial, and multi-family sectors.
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Read the full analyst report on “PG”
Read the full analyst report on “CBG”
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