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2012 marks 50 years of operations for the global real estate firm and time to reflect on how the commercial property market has changed over time
ADELAIDE, 23 OCTOBER 2012 – As Jones Lang LaSalle prepares to celebrate a milestone of 50 years of operations in South Australia, the firm has reflected on how the commercial property operated back in 1962.
South Australian Managing Director, Jamie Guerra said the original office bearers in 1962 can be credited with some pioneering achievements in the property industry.
“Our first Managing Director, Pip Comport opened Jones Lang LaSalle's Adelaide office in 1962 at a time when there was no real investment market for commercial property in Australia. This was because almost all property was owner occupied and tenants generally were on short term agreements.
“Jones Lang LaSalle was a major driver in creating an investment market by bringing UK developers to Australia and establishing long term leases for tenants.
“It is hard to imagine today that long-term leases were almost non-existent 50 years ago in Adelaide. The norm was to own and occupy space. Now we are seeing rapid changes to office space, including alternative working environments like Activity Based Working (ABW), which would have certainly raised a few eyebrows 50 years ago,” said Mr Guerra.
Some of the achievements of Pip Comport and his team at Jones Lang LaSalle 50 years ago include:
Arndale Shopping Centre - The development co-ordination and leasing of Australia's first enclosed air conditioned Shopping Centre for the Arndale Property Trust of Bradford in 1963;
BH House (corner Flinders Street & Gawler Place) - Jones Lang LaSalle on behalf of The Hammerson Group of Companies formed a team of professionals and coordinated them to deliver one of the early commercial developments in Adelaide in 1963;
Marion Shopping Centre - After the successful delivery of Arndale Shopping Centre, The Arndale Property Trust engaged Jones Lang LaSalle to locate, secure and develop another centre. In 1968 The Marion Shopping Centre was delivered with funds provided by John Martin & Co.
Mr Guerra said 50 years on and Jones Lang LaSalle is still involved in some of the biggest commercial property activities in the Adelaide market.
“In a challenging business environment we have continued to deliver business growth and invest in our staff. Our growth comes from combining the extensive experience of our long established teams with a new generation of Jones Lang LaSalle employees through a number of graduates joining over the last three years.
“We continue to be part of delivering best in class property advice and leading the way with recent projects/properties such as:
• VS1, Adelaide: The 10 storey building was one of Australia’s first 6 Star Green Star Office Design v2 certified buildings, which represents "World Leadership" in environmentally sustainable design. Jones Lang LaSalle acted as Development Adviser, Leasing Agent and now Managing Agent. The building has been recognised by the property sector with in excess of 10 State and National awards for design and sustainability;
• 50 Flinders Street, Adelaide: This 22,000 square metre office tower is set to be Adelaide’s next 5 Star Green Star CBD development. It is already 50% pre-committed to People’s Choice Credit Union and another 30% is currently under offer. Jones Lang LaSalle has acted as Development Adviser and Leasing Agent;
• Woolworths: Management of three brand new Woolworths developed and owned Shopping Centres made up of Blakes Crossing, Murray Bridge Marketplace and Mount Gambier Marketplace in excess of 40,000 sqm.
Mr Guerra paid tribute to all past and present staff at Jones Lang LaSalle for their contribution to the success of the Adelaide office over the past 50 years. In particular, the Managing Directors who led the teams – Pip Comport [1962-1977], Brian Batley [1977-1987], David Hall [1988-2001], Chris Redmond [2001-2006] and John McBeath [2007-2009].
Jones Lang LaSalle is celebrating the Adelaide office's 50th Anniversary with a cocktail event for all staff and clients at the Crowne Plaza, Adelaide Thursday 25th October 2012.
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