October 17, 2001—In one of the largest outsourcing contracts of commercial real estate, Bank of America has consolidated the outsourcing of the majority of its domestic corporate real estate portfolio under two service providers, Jones Lang LaSalle and Trammell Crow Company. The full-service arrangement covers 65 million square feet of property in 38 states across the United States and includes day-to-day property management and maintenance, project management, transaction work, real estate accounting and reporting, and real estate call center operations. Approximately 580 employees from Trammell Crow Company and 510 from Jones Lang LaSalle will service the account.
The new arrangement, which consolidates service providers to two firms from five, is intended to provide a more strategic level of operation and promote a stronger partnership between Bank of America and its service providers. Jones Lang LaSalle will be responsible for approximately 30 million square feet in the Western United States and Illinois, as well as New York City, NY; Buffalo, NY; and El Paso, TX. Major hub offices will be San Francisco, Los Angeles, Phoenix, Chicago and New York.
