JLL (company)
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JLL Company

Jones Lang LaSalle Incorporated
TypePublic
NYSEJLL
S&P 400 Component
ISINUS48020Q1076
IndustryReal estate
Founded1783; 238 years ago (1783) London, United Kingdom
March 16, 1999; 22 years ago (1999-03-16) by the merger of Jones Lang Wootton and LaSalle Partners
FounderRichard Winstanley
HeadquartersAon Center
Chicago, Illinois, U.S.
Area served
Worldwide
Key people
Siddharth ("Bobby") Mehta, Chairman
Christian Ulbrich, President & CEO
Karen Brennan,CFO
Services
RevenueDecrease $16.6 billion (2020)
Decrease $402.5 million (2020)
Increase$14.316 billion (2020)
Increase$5.610 billion (2020)
Number of employees
91,000[1] (2020)
SubsidiariesLaSalle Investment Management
Websitewww.us.jll.com
Footnotes / references
[2][3]
Aon Center in Chicago, which houses JLL's headquarters

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.[4] The company is ranked 186th on the Fortune 500.[5] It is one of the "Big Three" commercial real estate services companies, alongside Cushman & Wakefield and CBRE.

Operations

JLL is headquartered in Chicago, Illinois, and it is the second-largest public brokerage firm in the world.[6][7] The company has more than 90,000 employees in 80 countries, as of 2019.[8]

Services include investment management, asset management, sales and leasing, property management, project management, and development.[9] In 2014, the organization shortened its name to JLL for marketing purposes, while the legal name remained Jones Lang LaSalle Incorporated.[10][11]

Former company president Christian Ulbrich succeeded Colin Dyer as CEO in October 2016.[12] Karen Brennan was named CFO on June 22, 2020 effective July 15, 2020.[13][14] Sheila Penrose served as board chairwoman starting in 2005,[15][16] and was replaced by Siddharth ("Bobby") Mehta in 2020.[17]

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.[18] [9][19] Jones Lang Wootton was a London auctioneer that originated in the 1700s.[9] By 1976, Jones Lang Wootton expanded into the United States real estate market in New York City.[20] The company had 4,000 employees in 33 countries around the time of the merger with LaSalle Partners.[21]

William Sanders founded real estate company International Development Corp in 1966 in El Paso, Texas.[22][23] Sanders renamed the company LaSalle Partners in 1968 and relocated to Chicago, Illinois.[22] The company first offered investment banking, investment management, and land services.[7] 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.[7] LaSalle Partners made an initial public offering in 1996.[7]

JLL purchased The Staubach Company in 2008.[12] Roger Staubach served as executive chairman of JLL from 2008 until he retired in 2018.[6] JLL merged with UK-based King Sturge in a £197 million deal in 2011.[24] 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.[24] The company acquired UK-based Guardian Property Asset Management in 2015.[25] LaSalle Investment Management, a subsidiary of JLL, managed $58 billion in real estate investments for institutional and retail clients, as of 2016.[9] JLL had acquired 80 companies and established 100 offices worldwide by 2016.[12]

The company expanded from commercial real estate services to include property technology or "proptech", with the 2017 launch of its JLL Spark division.[26] 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.[27]

JLL announced the acquisition of HFF in a deal worth $2 billion in March 2019.[28] The acquisition was completed in July 2019 and worth $1.8 billion.[29]

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.[30][31]

In July 2021, the company sought the removal of an elected trade union rep from Facebook's London offices, after he organised a protest against a doubling of the cleaners' workloads. JLL@Facebook asked Churchill Group, the contractor that manages Facebook's London office, to remove Guillermo Camacho for an alleged "lack of proactiveness in managing the team and maintaining a high cleaning standard." The email was sent on the same day that he led the protest.[32]

In August 2021, JLL announced the acquisition of Skyline AI.[33]

References

  1. ^ "Jones Lang LaSalle Incorporated Form 10-K". United States Securities and Exchange Commission. February 18, 2021. Retrieved 2021.
  2. ^ "Jones Lang LaSalle Incorporated 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ^ "10-K". sec.report. Retrieved 2021.
  4. ^ "Jones Lang LaSalle Incorporated (JLL) Company Profile & Facts - Yahoo Finance". finance.yahoo.com. Retrieved 2020.
  5. ^ "Fortune 500: Jones Lang LaSalle". Fortune.
  6. ^ 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 2019.
  7. ^ a b c d Bodamer, David (April 1, 2014). "Top 10 Brokerage Firms". National Real Estate Investor. Retrieved 2019.
  8. ^ Priyadarshan, Chetan (July 29, 2019). "JLL India sees 17% revenue growth, plans to hire 2,000 more this year". International Business Times. Retrieved 2019.
  9. ^ a b c d Englander, David (May 28, 2016). "The Case for Buying Jones Lang LaSalle". Barron's. Retrieved 2019.
  10. ^ Montgomery, Angus (March 5, 2014). "Jones Lang LaSalle becomes JLL". Retrieved 2019.
  11. ^ Mason, Amelie (May 8, 2019). "Jones Lang LaSalle Incorporated (JLL) Is In Buy Territory (Again)". Post Analyst. Retrieved 2019.
  12. ^ 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 2019.
  13. ^ "JLL misses Q2 estimates, appoints new CFO". San Francisco Business Times. August 10, 2020. Retrieved 2020.
  14. ^ "Global real estate firm JLL names Karen Brennan chief financial officer". BizWomen. June 23, 2020. Retrieved 2020.
  15. ^ Hope, Katie (January 22, 2019). "Davos 2019: 'I'm the boss, he's the spouse'". BBC News. Retrieved 2019.
  16. ^ Squires, Paula (October 29, 2016). "Changing the face of commercial real estate". Virginia Business. Retrieved 2019.
  17. ^ "Change at the top as JLL names new chairman". www.egi.co.uk. February 6, 2020. Retrieved 2021.
  18. ^ "Company News; LaSalle To Buy Jones Lang Wootton For $450 Million". Reuters. October 23, 1998. Retrieved 2019.
  19. ^ Ho, Catherine (March 17, 2014). "What's in a name? For Jones Lang LaSalle, a lot less". Washington Post. Retrieved 2019.
  20. ^ Scardino, Albert (March 30, 1987). "A Wall St. Realtor Lures Foreign Cash". The New York Times. Retrieved 2019.
  21. ^ "Company News; LaSalle and Jones Lang Wootton in Merger Talks". Bloomberg News. June 18, 1998. Retrieved 2019.
  22. ^ 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 2019.
  23. ^ Helman, Christopher; Debter, Lauren. "Is Beto O'Rourke's Wife Really A 'Billionaire' Heiress? Not Likely". Forbes. Retrieved 2019.
  24. ^ a b Ruddick, Graham (May 27, 2011). "Jones Lang LaSalle merges with King Sturge to become UK's biggest property agent". The Telegraph. Retrieved 2019.
  25. ^ "JLL moving into residential property with Guardian acquisition". The Irish Times. November 12, 2015. Retrieved 2019.
  26. ^ Chen, Jackson (April 4, 2018). "JLL Spark makes first acquisition as industry gets serious about technology". Retrieved 2019.
  27. ^ Nitkin, Alex (January 30, 2019). "JLL Spark leads $5.2M funding round for British office booking platform". Cretech. Retrieved 2019.
  28. ^ Ecker, Danny (March 19, 2019). "JLL to buy brokerage HFF in $2 billion deal". Crain's Chicago Business. Retrieved 2019.
  29. ^ Carlock, Catherine (July 2, 2019). "JLL closes $1.8B acquisition of rival HFF". Boston Business Journal. Retrieved 2019.
  30. ^ Dezember, Ryan (March 3, 2021). "Commercial Property Giant Moves Into Rental Houses". Wall Street Journal. Retrieved 2021.
  31. ^ Nicoll, Alex (March 18, 2021). "Roofstock plans hiring spree even as it scales back its own real estate needs". Business Insider. Retrieved 2021.
  32. ^ "Facebook office cleaner who led protests at London site fears for his job". the Guardian. September 12, 2021. Retrieved 2021.
  33. ^ Castellanos, Sara (August 11, 2021). "JLL Moves to Acquire Artificial Intelligence Startup Skyline AI". Wall Street Journal. ISSN 0099-9660. Retrieved 2021.

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JLL_(company)
 



 



 
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