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The Chicago Transit Authority (CTA) board recently approved a five-year, $4.2 million contract to outsource some of the authority's real estate management functions.
The authority will hire financial and professional services firm Jones Lang LaSalle to serve as real estate broker. The firm will secure concessions at stations and increase efforts to establish transit-oriented development throughout the system.
Jones Lang LaSalle also will buy and sell real estate on CTA's behalf, review and analyze regulations, develop strategies for underutilized properties, provide general real estate guidance and assistance, and negotiate and manage concession agreements.
"The task of managing concession and development opportunities for the second-largest transit agency in the country requires a dedicated effort beyond what CTA's internal resources can currently provide," according to a CTA press release.
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