By Eugene Gilligan, Contributing Editor
Columbia, Md.–Jones Lang LaSalle has added multifamily investment sales veterans Al Cissel and Scott Melnick to their team. They join Jones Lang LaSalle from Transwestern, and will operate from the firm’s Maryland office. They will both have the title of managing director.
Cissel and Melnick, who combined have over 50 years of multifamily experience, have been brought on to aggressively grow the firm’s Mid-Atlantic multifamily presence. In the last five years, the duo has sold in excess of $5 billion of multifamily assets.
“We spoke to our clients throughout the Mid-Atlantic, and their names kept coming up,” says Jubeen Vaghefi, managing director and leader of the firm’s national multifamily investment sales practice. It is particularly important to have a strong multifamily team in place in the Washington, D.C. metro area, Vaghefi says.
“The country’s financial center is moving from New York to Washington,” he says. “That may be temporary, but many people are moving from New York to Washington, and they’re going to need places to live.”
Cissel and Melnick will join the recent additions to Jones Lang LaSalle of real estate investment banking leaders Tom Fish, Mike Melody and Tom Melody, Vaghefi says, who all have significant multifamily finance experience nationally. Jones Lang LaSalle also added to their multifamily presence in other cities, hiring Michael Lewis in Dallas and David Young in Seattle.
The Greater Washington Commercial Association of Realtors recognized Cissel and Melnick as the top producing multifamily brokers in the Washington, D.C. metro region from 2004 to 2009. The team won ‘Hot Broker’ honors from Commercial Property News in 2009.
Without naming names, Vaghefi says there are more high-profile hires to come. “Our plan is to keep growing,” he says. “By the end of 2010, we’re going to have the people we want in the cities we want to have a presence in.”