By Joshua Burd
JLL has announced two promotions within its New Jersey capital markets office.
In a news release Wednesday, the firm said it has elevated both Steve Simonelli and Michael Oliver to the role of managing director. Both are members of its Morristown-based investment sales team and joined JLL as part of its 2019 acquisition of HFF, boasting a combined $11 billion of completed transactions and more than 27 years of combined commercial real estate experience.
“Steve and Michael are both outstanding investment sales specialists,” said Senior Managing Director Jose Cruz, who is co-head of JLL’s New Jersey capital markets office. “I’ve had the honor of seeing them grow both as people and professionals over the last decade we have worked together, and I look forward to seeing their continued success in serving our clients in New Jersey and the entire tristate area.”
Simonelli specializes in investment sales advisory with a focus on multifamily housing, office, retail and land transactions, the news release said. He has been involved in transactions such as the $218 million sale of a multifamily portfolio in Clifton and Somerset, the $283.5 million recapitalization of Rosemont at Brookhaven in Bellport, New York, and the $259.3 million sale of Halstead New Rochelle in New Rochelle, New York.
The firm added that Simonelli is an active member of NAIOP, the International Council of Shopping Centers and the New Jersey Apartment Association. He holds a bachelor’s degree from Villanova University.
Oliver, meantime, also specializes in investment sales advisory transactions with a focus on multifamily, land, office and retail transactions. His recent deals include the $409 million sale of Liberty Towers and the $263.8 million sale of Soho Lofts in Jersey City, along with the $110 million sale of Avalon Somerset in Somerset.
He is also an active member of NAIOP and NJAA, holding a bachelor’s from Colgate University and a master’s in real estate from New York University.