Chicago transit system awards TOD contract

The Chicago Transit Authority board of directors has approved a five-year, $4.2 million contract to outsource certain real estate management responsibilities of CTA properties to Jones Lang LaSalle.

Jones Lang LaSalle will focus specifically on serving as CTA’s real estate broker, securing concessions at CTA stations and increasing efforts to establish transit-oriented development across the CTA system. The outsourcing of real estate management responsibilities will help to improve operational efficiencies and enhance revenue opportunities for the agency.

“Improving service for our customers goes beyond buying new buses and rail cars. It is also about providing value-added services that make transit a true convenience in every aspect and strengthen CTA’s relationships with the communities it serves,” said CTA President Ron Huberman.

Jones Lang LaSalle Americas (Illinois) LP (JLL) is a financial and professional services company specializing in real estate.