Struggling mall owner unloads third-party management business
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General Growth Properties Inc., owner of the Glendale Galleria and other large Southland shopping centers, said Monday that it agreed to immediately hand over its third-party management business to real estate services giant Jones Lang LaSalle Inc.
The portfolio of 18 malls from New York to California formerly managed by General Growth includes the Burbank Town Center. About 200 employees who manage the centers and 30 corporate employees now work for Jones Lang LaSalle. Both companies are based in Chicago.
Terms of the transaction weren’t disclosed.
For Jones Lang LaSalle, the addition of 18 regional shopping malls and community centers in 11 states adds more than 11 million square feet to its retail portfolio of 84 million square feet in the Americas and 265 million square feet worldwide, the company said.
General Growth filed for Chapter 11 bankruptcy protection in spring 2009.
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