Clockwise from left: Mike Tepedino, Michael Gigliotti and Christopher Peck.
Michael Gigliotti, Christopher Peck and Mike Tepedino
Senior Managing Director; Senior Managing Director; and Executive Managing Director at JLL
Last year's rank: 24
Last July, JLL acquired capital markets advisor HFF, which had more than $650 million in 2018 revenue and over 1,000 employees. The new kids on the block, which saw $20.64 billion in originations in 2019, came over from HFF.
“It was a huge merger, the biggest in the capital markets business ever,” said JLL Senior Managing Director Michael Gigliotti. “The HFF team was about 25 people on the debt team; the JLL team was roughly the same size, and they merged. It’s been a wild success.”
One deal the team holds up as evidence is the refinancing they arranged for Tishman Speyer’s construction debt on the Jackson Park residential development in Long Island City in September.
“One of the reasons that’s notable is because we were marketing that before Amazon pulled out,” said Gigliotti. “So then [we had] to re-market it after.” The team managed to secure $1 billion from Bank of America and Wells Fargo for the deal even after Amazon pulled up stakes.
Another prominent deal found them arranging $386 million in financing for the mixed-use 70 Pine Street on behalf of a joint venture between DTH Capital and Rose Associates.
“70 Pine is the former AIG headquarters,” said Senior Managing Director Christopher Peck. “It was converted from an office building to a mixed-use apartment building with extended-stay hotel, a high-end restaurant and significant exposure to market-rate multi-housing. We did a five-year, single-asset, single- borrower securitization.”
The pair emphasize that JLL works with a globally integrated, open-architecture team approach, including close communication and information sharing between different departments.
Gigliotti said that this approach has helped smooth the waters throughout this trying year.
“[When COVID hit], the first thing that Chris and I did was put on the calendar an 8:30 a.m. call for our entire team every day, and we never stopped,” said Gigliotti. “Daily phone calls with everyone on the team, sharing up-to-date information and discussing how we can get deals done. And that’s not just with the debt team. That’s 107 people in capital markets in New York City — that’s investment sales, loan sales, everybody. Our team has closed 20 financings a week, and put under application 20 financings a week, since COVID started. Eight and a half billion dollars closed, and another eight put under application during COVID.”—L.G.
