JLL Acquires Healthcare Project Management Leader CLEO Construction Management
As owners of healthcare facilities increasingly pursue expansions and renovations to meet the growth demands of their patient communities, JLL (NYSE: JLL) is expanding its healthcare-focused real estate services by acquiring CLEO Construction Management (CLEO), a prominent construction project management services firm that specializes in medical facilities. The transaction will enable JLL, already a leading provider of comprehensive facility management, advisory and project development services for medical properties, to provide a broader range of services to healthcare organizations and meet the growing needs of this real estate sector. The acquisition is scheduled to close later this month, subject to customary closing conditions.
Founded by principals Jeff and Tim Fyffe, Orange County, Calif.-based CLEO is a recognized leader in serving as owners' representatives to provide fully integrated solutions, including coordination, planning and construction project management, for complex healthcare projects.
"CLEO is a powerful fit with JLL due to its deep expertise in construction project management for medical facilities, its commitment to integrity and innovation, and its strong relationships with healthcare organizations," said Peter Belisle, Market Director for JLL's Southwest Region. "Adding the talented professionals from CLEO to JLL's national team of specialized real estate healthcare professionals makes the firm uniquely qualified to provide the highly technical skills that healthcare and life science properties require."
"Many of the health systems we serve are seeking more comprehensive outsourcing services from their real estate partners," said Jeff Fyffe, principal of CLEO. "Joining JLL allows our team to expand our established services, which we built based on high standards and individualized solutions, as part of a global company."
A total of 13 people from CLEO will become a part of JLL, with Jeff and Tim Fyffe joining JLL as senior vice presidents. They will report to Carlos Serra, Managing Director for the Southwest Project and Development Services (PDS) Group. The PDS group, an industry leader in the management of design, construction and relocation services for a wide range of projects from interior build-outs to multi-site developments, manages more than 12,000 projects annually, including $12 billion in projects currently under management.
They will partner with JLL's Healthcare Solutions group, which delivers comprehensive inpatient and ambulatory facility management, strategic consulting, real estate capital advisory, program management, property management, transaction services, lease administration and energy/sustainability advisory services to hospitals and healthcare systems throughout the nation. On the West Coast, JLL's healthcare business, which is led by Managing Director Jason Clark, has been expanding its services platform, and recently hired veteran healthcare brokers Paul Braun and Chris Ross to provide healthcare leasing, investment sales and occupier services in San Diego.
"Hospitals seek to reduce costs and risk in their operations and capital projects while, at the same time, increase performance and quality," said Clark. "This is particularly true in California, where growing activity in the healthcare sector requires the best talent, like our colleagues from CLEO, who can help manage the ebbs and flows of both routine and strategic capital projects with a deep understanding of the unique regulatory requirements in the state."
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm's U.S. media center Web page. Bookmark it here: http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.