Bank of America taps Jones Lang LaSalle, Trammel Crow

Real Estate Weekly, Nov 14, 2001

Bank of America has announced that it has consolidated the outsourcing of the majority of its domestic corporate real estate portfolio under two service providers, Jones Lang LaSalle and Trammell Crow Corpany effective Sept. 1.

The full-service arrangement covers 65 million SF of property in 38 states across the United States and includes day-to-day property management and maintenance, project management, transaction work, real estate accounting and reporting, and real estate call center operations. Approximately 510 from Jones Lang LaSalle and 580 employees from Trammell Crow Company will service the account.

The new arrangement, which consolidates service providers from five to two, is intended to provide a more strategic level of operation and promote a stronger partnership between Bank of America and its service providers. The partnering of Jones Lang LaSalle and Trammell Crow Company represents an unique aspect of service delivery, with the arrangement potentially setting a precedent in the real estate industry for collaboration that brings together the best systems, processes and procedures from industry leaders on behalf of the client.

Heading up the account will be a senior executive from each company, Bruce Ficke from Jones Lang LaSalle and Curt Grantham from Trammell Crow Company, supported by leadership teams from both companies.

Under the new agreement, Jones Lang LaSalle will be responsible for approximately 30 million SF in the Western United States and Illinois, as well as New York City; Buffalo, NY; and El Paso, TX. Major hub offices will be San Francisco, Los Angeles, Phoenix, Chicago and New York.

In the New York Metropolitan Area, which includes Buffalo, NY, the account covers approximately two million SF of tenant representation, project management and facilities management services.

The leadership teams from Jones Lang LaSalle and Trammell Crow Company are currently focused on identifying short, intermediate and long term goals for each functional area, developing key performance indicators to measure progress, implement an overall business planning process, and integrate all efforts within the Bank's overall business strategy.