What JLL’s New Office Ace Foresees
Jay Wellschlager has joined the JLL folks at their new office at 500 E Pratt, adding his office know-how to the brokerage’s strong industrial base. (Now they just need an Incredible Hulk and they'll have a full Avengers squad.)
Jay (snapped here with colleagues Mark Levy and Bill Prutting) says there are indeed office investment prospects for Baltimore, especially for well-located Class-A and value-add product. Yields in gateway cities have compressed amid fierce competition, he tells us, pushing investors to secondary cities. Plus, assets always are poised to trade as typical hold cycles expire, and there are still residential conversion opportunities in vacant, Class-B stock north of the Inner Harbor. Jay, who joins from Cassidy Turley, will add his office investment background to the team and work with Mark (who joined from Prologis in fall 2012 and leads the office) on industrial deals. Bill (who joined from CBRE a year ago) will continue to oversee Mid-Atlantic capital markets from DC. (And as with most talented three-man teams, Ringo Starr will hang around and accept their accolades.)
