A few San Fernando Valley companies have improved their position on the 2011 Property Management Firm List. Property Management Associates rose to the No. 5 spot on this year’s list, from its ranking as the No. 10 company last year. And Jones Lang LaSalle took the top spot with slightly less than 10 million square feet of office and retail space. Property Management Associates reported it manages 1.5 million square feet of office and retail space in the greater San Fernando Valley. That’s compared with 1.1 million square feet last year. Officials from the Calabasas-based firm could not be reached for comment. Jones Lang LaSalle leads the list with 9.85 million square feet of office and retail space, which includes several new property management assignments. Last year, the company ranked second on the list. But company officials said the 2010 numbers did not reflect properties in Thousand Oaks. “We’re excited about the growth,” said Michael Prabhu, director of property management for the Southwest region. “We feel like we are poised to continue to see significant growth in our management business because of our relationships with our clients.” CB Richard Ellis ranks second, managing 7.3 million square feet of office and retail space. Last year, the company ranked first with 8.1 million square feet of space. The firm is not losing any accounts to competitors, said Sherry Bower of CB Richard Ellis. Acquiring distressed assets provides opportunities for property management firms, but there are more sales as a result of those assets, she said. “It’s an interesting environment,” Bower said. “We have more of a turn here than in the traditional market.” Ranking at No. 3 is Worthe Real Estate Group. The Santa Monica-based firm manages 4.1 million square feet of space – the same amount as last year. President Jeffrey Worthe declined to comment. The last of the top five firms is illi Commercial Real Estate at No. 4 with a total of 2.2 million square feet of leased space. Rounding out the top 10 are: Charles Dunn Real Estate Services at No. 6 with 1.5 million square feet of space; Tiarna Real Estate Services, Inc. at No. 7 with 1.4 million square feet of space; Centers Business Management at No. 8 with 1.3 million square feet of space; LB Property Management at No. 9 with 1.2 million square feet of space; and Gelb Enterprises is No. 10 with 1.2 million square feet of space. Download the 2011 SFV’s LARGEST COMMERCIAL PROPERTY MANAGEMENT FIRMS list (pdf)
New Assignments Puts Jones Lang LaSalle at Top of List
