Private firm to benefit from state leases

Private firm to benefit from state leases

Posted:

NASHVILLE (AP) - A real estate services firm that recommended Tennessee unload some state office buildings stands to benefit from helping the state lease space in the private market.

The Chattanooga Times Free Press reported that state documents show the Chicago firm Jones Lang LaSalle will take 4% off the top on the deals. The office space will be leased in Chattanooga, Nashville and Memphis.

The Chicago firm was hired as a consultant to review and assess 33 state-owned buildings and recommended closing several that it called "old and obsolete."

Last month, the General Services Department quietly inked a five-year contract with Jones Lang LaSalle to manage and maintain all state property overseen by the department, as well as leasing.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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