JLL acquires New York-based Metropolitan Valuation Services
Commercial real estate services firm JLL has acquired Metropolitan Valuation Services (MVS), a New York-based commercial real estate appraisal and consulting firm.
Founded in 2003, MVS provides appraisal services, valuation, and consulting services covering core business district (CBD), multi-housing, suburban office, industrial/warehouse, and retail properties in the metropolitan New York area. The firm’s consulting services span market and research studies, feasibility analyses, expert witness and litigation support, best use studies, and M&A advisory.
MVS’ team of 20 professionals support clients including major financial institutions, Fortune 500 corporations, real estate investment trusts, commercial real estate developers, investors, insurance companies, law firms, and government agencies.
JLL’s acquisition of MVS will grow the firm’s NYC Tri-State valuation team to 30 dedicated professionals. The Chicago-headquartered company’s wider global valuation practice has 2,000 professionals across 50+ countries.
“Joining forces with MVS enables JLL to enhance our service for existing clients, strengthen our multi-housing capabilities within this buoyant segment and scale our footprint across the US," said Tony Lenamon, head of valuation advisory at JLL in the Americas.
Steven Schleider, founder and principal of MVS, will join the NYC Tri-State team as its new leader.
“We have a unique and detailed understanding of the Tri-State area and I'm excited by the opportunity to expand our capabilities to better serve our clients as part of JLL," Schleider said. "With JLL, we will have the resources to scale faster, broaden our existing practice areas, serve new asset sectors, and to continue assisting investors and lenders in the NYC Tri-State area.”
Despite a Covid-19 pandemic that emptied out downtown office blocks and sent many remote-working residents to cheaper locales, JLL says New York remained the top investment market globally over the last decade and a top-two market for cross-border investment. The company notes that economic conditions, mobility patterns, consumer spending, and tourism are improving – and increasingly solidifying NYC’s position as a resilient market for investment.
JLL provides commercial real estate investment management, asset management, sales and leasing, property management, project management, development, and technology consulting services. The firm’s technology consulting practice helps clients strategize and implement various software solutions, including those for portfolio analysis, asset management, property marketing, workplace management, and smart buildings.
JLL has more than 100,000 people across operations in 80 countries and annual revenue of $19.4 billion.
