JLL Retail President and CEO Greg Maloney, whose vast network and regular appearances on major financial news networks made him a well-recognized face in the shopping center industry, has decided to retire after more than four decades in the business.
Maloney's last day at the second-largest brokerage by revenue will be Dec. 31, JLL said. The Chicago-based firm said Thursday that Kristin Mueller, who serves as chief operating officer of JLL's property management business and a longtime partner of Maloney's, would replace him as president of its retail property management business.
Maloney said he's leaving a position he relishes.
"It's never an easy decision as I love my job," he said in a text message to CoStar News. As to the question of why depart now, he replied: "You just know is the best answer I can give you."
Maloney, who joined JLL in the late 1990s, "has been a driver of the retail and shopping center industry for the last 45 years and has played an instrumental role in JLL’s Retail business globally," the brokerage said in a statement. JLL credited him with having the vision to evolve and adapt its services "to align with changing investor needs and shifting shopper preferences."
Based in Atlanta, Maloney took the helm of JLL Retail in 2002 and in the next two decades expanded the brokerage's retail management portfolio to more than 75 million square feet of space in over 500 malls, open-air shopping centers and other types of retail properties. As a result, JLL said it's now the largest third-party manager of retail properties in North America.
Expanding JLL's Business
Maloney "has been a steward of JLL’s Retail business for the last 20 years," Mark Zettl, president of JLL’s property management business, said in a statement. Maloney also expanded JLL in retail capital markets and the brokerage businesses.
Over the years, Maloney became a regular on CNBC, Fox Business News and other networks and news services, especially around Black Friday, the unofficial start of the holiday shopping season.
In December, Maloney told CoStar News that smaller and local retailers hit hard by the pandemic were starting to reemerge as viable tenants for shopping centers. He also said mall and shopping center landlords would be ready if another global health crisis were to emerge.
"We’re smarter. So when this happens again, we’re going to be prepared for it, and we’re going to know how to deal with it," Maloney said. "And I think it’s going to be that much of a stronger retail market for us."
Before joining JLL, Maloney worked for several real estate companies and a retailer. He served in executive roles at Compass Realty and ERE Yarmouth Retail and as a regional vice president of Equity Properties and Development Co. He also served in management positions at Homart Development Co., which Sears sold to General Growth Properties, now part of Brookfield Properties, in 1995.
He earned a bachelor of science degree at Milton College in Milton, Wisconsin. Maloney, who grew up in suburban Park Ridge, Illinois, is a "true Chicago fan," according to his Twitter profile which includes a Chicago Bears banner.
When Mueller takes over for Maloney, she plans to work closely with Naveen Jaggi, president of JLL’s retail advisory services, to oversee client satisfaction and engagement, the growth of new business and management, and national leasing efforts in the Americas.
Mueller played a key role in JLL's retail property management business for more than two decades before taking on her current chief operating officer role. She held several positions in retail property management including general manager, regional manager, leader of business development and COO of JLL Retail.