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Monday, Apr 22, 2024

Burbank Mall Part of Acquisition Deal

General Growth Properties, Inc. agreed to have financial firm Jones Lang LaSalle immediately acquire the management and leasing responsibilities of its third-party management division properties, the financial firm announced. Burbank Town Center is among the 18 regional shopping malls and community centers included in the deal between the two Chicago-based companies. The properties, which add up to 11 million square feet, include malls and centers in 11 states. The agreement comes after General Growth Properties filed for Chapter 11 bankruptcy protection last year. “This strategic alliance with Jones Lang LaSalle allows our clients to leverage the resources and talents from both GGP and Jones Lang LaSalle and, ultimately, we create a broader range of services for our clients, thereby strengthening the bottom line,” said General Growth Properties President and CEO Tom Nolan. About 200 management team employees at the properties, along with 30 corporate employees who provide services to the properties, will now be employed by Jones Lang LaSalle. California properties in Folsom and San Bruno are included in the acquisition. Jessica Selva

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