Chicago-based commercial real estate brokerage JLL, has acquired Cleo Construction Management in San Clemente for an undisclosed amount.
Cleo specializes in construction and management of healthcare projects. The deal, expected to close later this month, will enable JLL—which recently changed its name from Jones Lang LaSalle—to “provide the highly technical skills that healthcare and life science properties require,” according to Peter Belisle, market director for company’s southwest region.
“Many of the health systems we serve are seeking more comprehensive outsourcing services from their real estate partners,” Jeff Fyffe, principal of Cleo, said in a statement. “Joining JLL allows our team to expand our established services, which we built based on high standards and individualized solutions, as part of a global company.”
Fyffe and his founding partner Tim Fyffe will take on new roles as senior vice presidents under JLL.
Cleo’s 13 employees will become part of JLL’s Southwest Project and Development Services Group, which focuses on management of design, construction and relocation services for a wide range of projects from interior build-outs to multi-site developments. It has $12 billion in projects currently under management.
The group will work with JLL’s Healthcare Solutions division, which manages inpatient and ambulatory facilities and provides consulting, real estate capital advisory, program management, property management, transaction services, lease administration and sustainability advisory services to hospitals and healthcare systems throughout the nation.