Commercial real estate brokerage JLL and finance and investment firm Greystone Management Solutions of New York have been selected by the MBTA to handle the transportation authority’s real estate management.

The five-year, $2.8-million contract begins May 1. JLL and Greystone will provide asset management, property disposition and consulting services as the MBTA seeks to maximize non-fare revenues.

"This appointment highlights the growing trend among government agencies to engage advisers to help them optimize and run their commercial real estate portfolios," Patrick Flinn, managing director of public institutions for JLL, said in a statement.

Greystone provides similar services for the New York Metropolitan Transportation Authority and New Jersey Transit.

Editor’s note: The headline on this story has been updated since it was first published.