JLL (company)
Jones Lang LaSalle Incorporated (JLL) is a global commercial real estate services company, founded in the United Kingdom with offices in 80 countries. The company also provides investment management services worldwide, including services to institutional and retail investors, and to high-net-worth individuals,[5] as well as technology products through JLL Technologies, and VC investments via its PropTech fund, JLL Spark. The company is ranked 185 on the Fortune 500.[6]
Aon Center in Chicago, which houses JLL's headquarters | |
| Type | Public |
|---|---|
| NYSE: JLL S&P 400 Component | |
| ISIN | US48020Q1076 |
| Industry | Real estate |
| Founded | 1783 London, United Kingdom March 16, 1999 by the merger of Jones Lang Wootton and LaSalle Partners |
| Founder | Richard Winstanley |
| Headquarters | Aon Center Chicago, Illinois, U.S. |
Area served | Worldwide |
Key people | Siddharth ("Bobby") Mehta, Chairman Christian Ulbrich, President & CEO Karen Brennan, CFO |
| Services | |
| Revenue | $20.862 billion (2022)[1] |
| $868.1 million (2022)[1] | |
| $654.5 million (2022)[1] | |
| Total assets | $15.593 billion (2022)[1] |
| Total equity | $6.142 billion (2022)[1] |
Number of employees | 103,000[1] (December 31, 2022) |
| Subsidiaries | LaSalle Investment Management |
| Website | www |
| Footnotes / references [2][3][1][4] | |
History
After LaSalle Partners' IPO in 1997, in 1999, it merged with Jones Lang Wootton to form Jones Lang LaSalle (JLL) as part of a $435 million deal.[7] [8][9] Jones Lang Wootton was a London auctioneer that originated in the 1700s.[8] By 1976, Jones Lang Wootton expanded into the United States real estate market in New York City.[10] The company had 4,000 employees in 33 countries around the time of the merger with LaSalle Partners.[11]
William Sanders founded real estate company International Development Corp in 1966 in El Paso, Texas.[12][13] Sanders renamed the company LaSalle Partners in 1968 and relocated to Chicago, Illinois.[12] The company first offered investment banking, investment management, and land services.[14] By 1997, LaSalle had grown into three business divisions, Management Services, Corporate and Financial Services, and Investment Management, with ten U.S. corporate offices and seven international offices.[14] LaSalle Partners made an initial public offering in 1996.[14]
JLL purchased The Staubach Company in 2008.[15] Roger Staubach served as executive chairman of JLL from 2008 until he retired in 2018.[16] JLL merged with UK-based King Sturge in a £197 million deal in 2011.[17] The combined business, with 2,700 employees and 43 offices, created the largest property agent in the UK, as reported by The Telegraph in 2011.[17] The company acquired Irish-based Guardian Property Asset Management in 2015.[18] LaSalle Investment Management, a subsidiary of JLL, managed $58 billion in real estate investments for institutional and retail clients, as of 2016.[8] JLL had acquired 80 companies and established 100 offices worldwide by 2016.[15]
The company expanded from commercial real estate services to include property technology or "proptech", with the 2017 launch of its JLL Spark division.[19] In June 2018, JLL Spark created a $100 million venture fund to invest in real estate start-ups, such as a technology to link office users with co-working spaces.[20]
JLL announced the acquisition of HFF in a deal worth $2 billion in March 2019.[21] The acquisition was completed in July 2019 and worth $1.8 billion.[22]
In 2021, the company's technology division sold Stessa, the single-family rental asset management software company it acquired in 2018, to Roofstock as part of a deal in which JLL acquired a minority stake in Roofstock and it would provide services to JLL's clients.[23][24]
JLL manages the London offices of the social media company Facebook. In July 2021, JLL sought the removal of a cleaner from the offices when, in his capacity as a trade union representative, he organised a protest against a doubling of the cleaners’ workloads.[25]
In August 2021, JLL announced the acquisition of Skyline Al.[26]
In late 2021 and early 2022, JLL made two "proptech" acquisitions.[27] In November 2021, it purchased the property management software company Building Engines,[28] and in February 2022 it acquired Hank, a company developing AI-based technology to improve energy efficiency of buildings.[27]
Operations
JLL is headquartered in Chicago, Illinois, and as of October 2018 was the second-largest[clarification needed] public brokerage firm in the world.[16][14] The company has more than 103,000 employees in 80 countries, as of December 2022.[29][3]
Services include investment management, asset management, sales and leasing, property management, project management, development, and property technology.[30][8] In 2014, the organization shortened its name to JLL for marketing purposes, while the legal name remained Jones Lang LaSalle Incorporated.[31][32]
Former company president Christian Ulbrich succeeded Colin Dyer as CEO in October 2016.[15] Karen Brennan was named CFO on June 22, 2020 effective July 15, 2020.[33][34] Sheila Penrose served as board chairwoman starting in 2005,[35][36] and was replaced by Siddharth ("Bobby") Mehta in 2020.[37]
References
- ^ a b c d e f g "Jones Lang LaSalle Incorporated Form 10-K". United States Securities and Exchange Commission. March 15, 2023. Retrieved March 15, 2023.
- ^ "Jones Lang LaSalle Incorporated 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b "Jones Lang LaSalle Incorporated Form 10-K". United States Securities and Exchange Commission. February 28, 2022. Retrieved March 2, 2022.
- ^ "Jones Lang LaSalle Incorporated Form 10-K". United States Securities and Exchange Commission. February 28, 2022. Retrieved March 2, 2022.
- ^ "Jones Lang LaSalle Incorporated (JLL) Company Profile & Facts - Yahoo Finance". finance.yahoo.com. Retrieved April 10, 2020.
- ^ "Fortune 500: Jones Lang LaSalle". Fortune.
- ^ "Company News; LaSalle To Buy Jones Lang Wootton For $450 Million". The New York Times. Reuters. October 23, 1998. Retrieved March 8, 2019.
- ^ a b c d Englander, David (May 28, 2016). "The Case for Buying Jones Lang LaSalle". Barron's. Retrieved February 8, 2019.
- ^ Ho, Catherine (March 17, 2014). "What's in a name? For Jones Lang LaSalle, a lot less". Washington Post. Retrieved March 11, 2019.
- ^ Scardino, Albert (March 30, 1987). "A Wall St. Realtor Lures Foreign Cash". The New York Times. Retrieved March 8, 2019.
- ^ "Company News; LaSalle and Jones Lang Wootton in Merger Talks". Bloomberg News. June 18, 1998. Retrieved March 8, 2019.
- ^ a b Saul, Stephanie (October 29, 2018). "Beto O'Rourke Once Supported an El Paso Real Estate Deal. Barrio Residents Remember". The New York Times. Retrieved February 8, 2019.
- ^ Helman, Christopher; Debter, Lauren. "Is Beto O'Rourke's Wife Really A 'Billionaire' Heiress? Not Likely". Forbes. Retrieved February 11, 2019.
- ^ a b c d Bodamer, David (April 1, 2014). "Top 10 Brokerage Firms". National Real Estate Investor. Retrieved February 8, 2019.
- ^ a b c Chen, Cathaleen (September 8, 2016). "Movers & Shakers: NBCUniversal names new chief real estate officer, JLL's new CEO … & more". The Real Deal. Retrieved February 8, 2019.
- ^ a b Hall, Cheryl (October 14, 2018). "The gameplan for Roger Staubach? Teaming up with Cowboys pal Robert Shaw and family clock management". Dallas Morning News. Retrieved February 11, 2019.
- ^ a b Ruddick, Graham (May 27, 2011). "Jones Lang LaSalle merges with King Sturge to become UK's biggest property agent". The Telegraph. Archived from the original on January 12, 2022. Retrieved February 11, 2019.
- ^ "JLL moving into residential property with Guardian acquisition". The Irish Times. November 12, 2015. Retrieved February 11, 2019.
- ^ Chen, Jackson (April 4, 2018). "JLL Spark makes first acquisition as industry gets serious about technology". Retrieved February 8, 2019.
- ^ Nitkin, Alex (January 30, 2019). "JLL Spark leads $5.2M funding round for British office booking platform". Cretech. Retrieved August 1, 2019.
- ^ Ecker, Danny (March 19, 2019). "JLL to buy brokerage HFF in $2 billion deal". Crain's Chicago Business. Retrieved April 26, 2019.
- ^ Carlock, Catherine (July 2, 2019). "JLL closes $1.8B acquisition of rival HFF". Boston Business Journal. Retrieved July 11, 2019.
- ^ Dezember, Ryan (March 3, 2021). "Commercial Property Giant Moves Into Rental Houses". Wall Street Journal. Retrieved March 8, 2021.
- ^ Nicoll, Alex (March 18, 2021). "Roofstock plans hiring spree even as it scales back its own real estate needs". Business Insider. Retrieved March 18, 2021.
- ^ "Facebook office cleaner who led protests at London site fears for his job". the Guardian. September 12, 2021. Retrieved September 12, 2021.
- ^ Castellanos, Sara (August 11, 2021). "JLL Moves to Acquire Artificial Intelligence Startup Skyline AI". Wall Street Journal. ISSN 0099-9660. Retrieved August 12, 2021.
- ^ a b Man, Pui-Guan (January 6, 2022). "JLL buys US proptech platform in sustainability drive". Estates Gazette.
JLL has acquired an AI-powered start-up based in Sacramento, in response to growing client demand for more sustainable buildings.Virtual engineering platform Hank, which was sold for an undisclosed sum, applies machine learning and AI to solve challenges such as HVAC programming inconsistencies and energy and equipment inefficiencies. The deal comes after JLL bought building operations platform Building Engines for $300m (£221m) in November.
- ^ Chesto, Jon (October 22, 2021). "Real estate giant JLL is buying Boston property software firm Building Engines for $300M". Boston Globe. Retrieved February 7, 2022.
- ^ "Inline XBRL Viewer". www.sec.gov. Retrieved May 1, 2023.
- ^ Torres, Destiny (October 31, 2022). "Proptech Is Shaking Up the Real Estate Industry". Los Angeles Business Journal. Retrieved May 1, 2023.
- ^ Montgomery, Angus (March 5, 2014). "Jones Lang LaSalle becomes JLL". Retrieved February 11, 2019.
- ^ Mason, Amelie (May 8, 2019). "Jones Lang LaSalle Incorporated (JLL) Is In Buy Territory (Again)". Post Analyst. Retrieved May 22, 2019.
- ^ "JLL misses Q2 estimates, appoints new CFO". San Francisco Business Times. August 10, 2020. Retrieved August 13, 2020.
- ^ "Global real estate firm JLL names Karen Brennan chief financial officer". BizWomen. June 23, 2020. Retrieved August 13, 2020.
- ^ Hope, Katie (January 22, 2019). "Davos 2019: 'I'm the boss, he's the spouse'". BBC News. Retrieved February 13, 2019.
- ^ Squires, Paula (October 29, 2016). "Changing the face of commercial real estate". Virginia Business. Retrieved February 13, 2019.
- ^ "Change at the top as JLL names new chairman". www.egi.co.uk. February 6, 2020. Retrieved February 26, 2021.
External links
- Official website