Greystone, a real estate finance and investment group, and JLL, a real estate consultancy firm, have been jointly awarded a five-year contract to provide comprehensive real estate services to The Massachusetts Bay Transportation Authority (MBTA) and Massachusetts Department of Transportation (MassDOT).
JLL and Greystone explain that they will provide real estate asset management, property disposition and consulting services to support MBTA's efforts to maximize potential non-fare revenue from real estate.
The two firms will oversee management of leases, licenses and easements, and accounting and billing and will identify and execute the disposition of surplus properties and provide on-call consulting services to support the MBTA's Real Estate and Asset Development Department, MassDOT and other MBTA departments as requested.
Patrick Flinn, managing director of public institutions at JLL, remarks, "This appointment highlights the growing trend among government agencies to engage advisers to help them optimize and run their commercial real estate portfolios."
The transition for services provided for MBTA and MassDOT by Greystone and JLL begins on May 1. The five-year contract is valued at $2.8 million.