US real estate broker JLL, the largest player on the local market and one of the largest globally, has decided to close its Bucharest office following a regional deal under which the operations in the Czech Republic, Slovakia, Hungary and Romania will be taken over by its partner – investment fund iO Partners, owned by American businessman Michael Stanton.

The two companies announced on April 25 that JLL would transfer its existing Leasing, Capital Markets, Valuations Advisory, Consulting and Project Management delivery businesses to iO Partners in the four countries, Property-forum.eu reported.

The existing leadership teams will continue to manage the business in the respective markets. Vlad Stanislav remains in his position as managing director of the Romanian office but now working for iO Partners.

JLL will retain its Workplace Management business, offering integrated facilities management services for its accounts. It will be iO Partners' preferred partner and remains directly present in Poland.

The partnership is expected to become effective by the beginning of June 2023, with the integration taking place over the coming months.

iulian@romania-insider.com

(Photo source: Dreamstime.com)