By Joshua Burd
JLL has acquired Metropolitan Valuation Services, one of the region’s largest independent commercial property appraisal and real estate consulting firms, with an eye toward bolstering its in-house team amid a looming shift in real estate values.
In an announcement Wednesday, JLL said the move will add 20 valuation professionals to its existing team of 10 in the region. Manhattan-based MVS has a core competency in the multifamily, office, industrial and retail sectors, while also focusing on land, property transfers, market rent studies and appraisals for federally subsidized housing.
“MVS, a 20-year-old experienced tristate team of highly seasoned professionals with a deep and intimate knowledge of New York, is well placed to empower clients with information and knowledge to help them make the best decisions for their real estate assets,” said Tony Lenamon, head of valuation advisory at JLL in the Americas. “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 U.S.”
Co-founded in 2003 by Steven Schleider, MVS has a client list that includes major financial institutions, Fortune 500 companies, REITs, commercial real estate developers, investors, insurance companies, law firms, New York City and government agencies. JLL Executive Vice President Ross Friedman and the firm’s existing New York City tristate team will join forces with MVS executive vice presidents Peter Rastetter and David Lyon, working under Schleider’s leadership.
“We have a unique and detailed understanding of the tristate area and I’m excited by the opportunity to expand our capabilities to better serve our clients as part of JLL,” said Schleider, president of Metropolitan Valuation Services.
“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 tristate area,” he added. “We will also advise lenders and owners on navigating the valuation impacts that the energy mandates and sustainability regulations will have on commercial properties. This will all lead to a better understanding of the upside to be gained by creating healthy, sustainable buildings while helping New York City achieve its net zero targets.”
JLL said the acquisition comes as New York remains the top investment market globally over the last decade and a top-two market for cross-border investment during that time. It continues to be a key gateway city for national portfolios and global capital, the firm said, while citing improving economic conditions, mobility patterns, consumer spending and tourism as a sign of the city’s allure for talent and resiliency for investors.