LaSalle Investment Management (‘LaSalle’), the leading global real estate investment manager, revealed today it is targeting approximately $2 billion of property investment in 2011. LaSalle also expects 2011 to be an active year for recapitalizing high quality commercial and multi-family assets, and is well positioned to take part in that process in addition to outright acquisitions. The firm says it is looking to expand its real estate holdings in select key markets where it sees growth opportunities. This includes the Washington DC area where LaSalle forecasts strong economic performance and above average rent growth, particularly for office, apartment and retail properties.
Wade Judge, Managing Director, LaSalle, comments: “There are a number of high quality assets which are owned by strong operators that are in need of an infusion of equity. We believe the stabilization of the commercial real estate market which took place in 2010 has brought more certainty to valuations. That stabilization should make 2011 a good year for current owners to recapitalize projects, and we will be active in that space.”
LaSalle has a long history of investing in commercial real estate in Washington DC, dating back to the 1980s when the firm undertook the transformational renovation of Union Station. LaSalle’s most recent investment in DC was the purchase of Senate Square, a 432-unit apartment complex that was acquired in July 2010. Located at H and 2nd Street, Senate Square is well positioned to take advantage of growth in demand for rental units in the growing NoMa neighborhood.
