Jones Lang LaSalle Incorporated provides global commercial real estate services and investment management through JLL and LaSalle Investment Management. News about JLL commonly covers leasing advisory, workplace, project and property management, capital markets assignments, investment sales, debt advisory, hotel and hospitality transactions, and mandates tied to office, industrial, hotel, multi-family, retail and data center properties.
Company updates also include quarterly operating results, margin and revenue trends across advisory and recurring service lines, capital allocation actions such as share repurchases, strategy briefings, and JLL research on real estate markets. LaSalle Investment Management updates relate to client investment activity across private assets and publicly traded real estate securities.
Jones Lang LaSalle (NYSE:JLL) has appointed Laura Vallis as the new Head of Communications, effective April 3. Vallis comes with over 20 years of experience, having previously served as the Chief Communications Officer at Manulife and held key roles at Barclays and Dow Jones. In her new role, she will implement a globally integrated communications strategy to convey JLL's renewed brand promise: 'See a Brighter Way'. Chief Marketing Officer Siddharth Taparia emphasized Vallis's forward-thinking approach, crucial for enhancing JLL's narrative in technology and sustainability. JLL operates in over 80 countries with $20.9 billion in annual revenue.
JLL highlights the importance of collaboration between building owners and tenants to achieve sustainability goals through green leases. Their report, Green Leasing 2.0, suggests that the U.S. could save $3.3 billion annually if all leased office buildings adopted green leases. With 1.2 billion square feet of office and 2.5 billion square feet of industrial space set to expire before 2030, effective communication is crucial. JLL's research shows 42% of investors and 34% of occupiers currently implement green clauses, with plans to increase those numbers significantly by 2025.
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JLL and KBS have signed a 15,187 square foot lease with HNTB at 60 South Sixth, a premier office building in Minneapolis. This move marks HNTB's relocation from the West End to the renovated downtown space. Since 2015, KBS has invested over $24 million in upgrades, with $6.5 million spent in 2022 alone. The building features modern amenities such as floor-to-ceiling windows, a high-end fitness center, and convenient dining options. Additionally, 60 South Sixth now offers fully furnished spec suites designed for hybrid work models, enhancing its appeal to prospective tenants.
JLL has announced the appointment of Andy Poppink as the new CEO of Markets Advisory, succeeding Greg O'Brien, who will transition to the role of Executive Chairman, Americas Markets Advisory, effective July 1, 2023. Poppink, previously CEO of EMEA Markets Advisory, will join the Global Executive Board and enhance JLL's global Markets Advisory strategy. O'Brien, who has successfully led JLL's Markets Advisory business, will focus on the Americas while continuing to support the company's growth and client relationships. JLL aims to leverage these leadership changes to strengthen its market position.
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JLL has arranged a $310 million construction loan for Avia Labs at Millbrae Station, a groundbreaking life sciences development in California. Spanning 315,000 square feet, this project is notable for being the state's first all-electric life sciences facility. The six-story building aims for LEED Gold and Fitwel certifications, focusing on energy efficiency and tenant quality of life. Located on a 2.1-acre site, it complements the undersupplied North County submarket, which has a 1.8% vacancy rate. Longfellow Real Estate Partners is the borrower, with Otera Capital providing the financing.
Jones Lang LaSalle (NYSE: JLL) announced that CEO Christian Ulbrich will participate in a fireside chat at Citi's 2023 Global Property CEO Conference on March 6, 2023, at 7:55 a.m. ET. Additionally, CFO Karen Brennan will speak at the Raymond James Institutional Investors Conference on March 7, 2023, at 4:00 p.m. ET. Audio webcasts for both events will be available on JLL's Investor Relations website, with replays posted after each session.
JLL, a leading professional services firm in real estate and investment management, reported annual revenue of $20.9 billion, operating in over 80 countries with a workforce exceeding 103,000 as of December 31, 2022.
Jones Lang LaSalle reported its 2022 results, revealing fourth-quarter diluted earnings per share of $3.62 and adjusted diluted earnings of $4.36. Full-year diluted EPS was $13.27, down 28% year-on-year. Revenue for the fourth quarter fell 2% to $5.6 billion, with fee revenue declining 16% to $2.2 billion. Strong growth in Work Dynamics offset declines in Capital Markets and Markets Advisory, driven by decreased leasing activity. Net income decreased 59% in Q4 and 32% for the year. Despite the challenges, the company anticipates market recovery in the second half of 2023.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has successfully closed a $120 million loan to refinance a portfolio comprising 12 limited-service hotels across California, Connecticut, and New Jersey. The total loan amount, including a $20 million mezzanine loan from Driftwood Capital, reaches $140 million. This portfolio features 1,313 rooms across chains like Residence Inn and Hilton Garden Inn, with ten properties recently renovated. The transaction marks the sixth collaboration between FBRT and Driftwood, reinforcing their ongoing partnership. FBRT's asset base exceeded $6.3 billion as of September 30, 2022.