Industry  ·  Players

Carl Muhlstein Departs JLL, Starts Boutique Consulting Firm


JLL (JLL)’s international director has left his post to start his own boutique firm. 

Carl Muhlstein, who had led the commercial real estate giant’s international efforts since 2012, founded MuhlsteinCRE this month and will specialize in consulting on capital markets, leasing and development. A prominent figure in Los Angeles real estate for more than 30 years, Muhlstein previously held senior posts at Cushman & Wakefield (CWK), Cushman Realty Corporation, Insignia/ESG Capital Advisors and Tishman Speyer Properties.

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JLL is a great platform … I’m proud of the legacy of people who I helped develop,” Muhlstein told Commercial Observer. “Where I add value is supporting brokerage, owners and lenders. Part of [founding MuhlsteinCRE] comes from my stage in life, but I also think 2024 and 2025 will be great reset years that will need this type of expertise.”

MuhlsteinCRE will focus on complex operating assets, such as soundstages, change-in-use projects and elaborate public-private partnerships. Aside from his work at the new firm, Muhlstein will also continue to volunteer and participate in speaking engagements at institutions such as the University of Southern California and the Urban Land Institute, where he was a member for over 40 years. 

Muhlstein advised on significant transactions in Southern California throughout his tenure at JLL. He facilitated the sales and leasing of major studios such as CBS Radford, Burbank Studios and Albuquerque Studios and led landlord agency leases for tenants like Netflix, Google YouTube Studios and Playstation. He also contributed to major land sales, including for the L.A. Times, Coburn School DTLA, Playa Vista and Gehr Commerce.

Muhlstein also co-brokered the sale of CBS Studio Center to Hackman Capital Partners and Square Mile Capital for nearly $2 billion in 2021, in what was generally considered the commercial real estate deal of the year for Los Angeles, setting a new bar for the wave of acquisitions and mergers for studio space at the time. 

“Carl has been instrumental to the growth of JLL in Los Angeles,” JLL Senior Managing Director Charlie Smith said in a statement. “His expertise, dedication and integrity are something we’ve all learned from him.”

Muhlstein’s contributions to the CRE industry also landed him on Commercial Observer’s Power L.A. list of the region’s most influential people in the industry. 

Nick Trombola can be reached at