THE PRIVATEBANK HIRES HSA COMMERCIAL REAL ESTATE TO PROVIDE LEASE ADMINISTRATION RESPONSIBILTIES
March 29, 2007
(Chicago – March 29, 2007) Christine Muszynski, executive vice president and director of management operations, HSA Commercial Real Estate, announced that the firm's property management division has been retained by The PrivateBank to assume lease administration responsibilities for the bank's 19 leased branch bank locations in 5 states. The total square footage of these facilities is more than 210,000 square feet. The leased facilities are located in Illinois (10), Michigan (3), Missouri (2), Wisconsin (1) and Georgia (3).
Muszynski said that Joe Swojenski, general manager, will head the team that will manage this account, supported by HSA's corporate management staff. HSA will review, analyze and benchmark facility operating expenses and identify potential cost savings, best practices and/or service enhancement opportunities.
HSA has established a track record as an expert in bank facility management going back to 1991, when the firm's asset management division was hired by then-First Chicago National Bank to oversee the bank's 2.5 million-square-foot portfolio with an annual operations budget of more than $35,000,000. When the bank was purchased by Bank One, HSA was retained as the facility manager until it was sold to JP Morgan Chase.
“We are very pleased to have been awarded this prestigious assignment,” said Muszynski, “and we bring HSA's established track record of enhancing asset value and tenant services to The PrivateBank organization, along with our 26 years of experience in achieving fair market value tax assessment valuations for owner's of commercial real estate.”
Celebrating 26 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. The firm and its principals have developed and acquired more than 30 million square feet of commercial real estate across the United States with total consideration in excess of $1.5 billion, its brokerage divisions have completed more than 7,000 transactions in 43 states representing both owners and tenants, while the asset management division currently manages a property portfolio in excess of 15 million square feet in 12 states and the firm presently owns over 17 million square feet of commercial property in 14 states.
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