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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) will announce its fourth quarter 2020 results on February 9, 2021, at approximately 7:30 a.m. ET. A live webcast and teleconference will follow at 9 a.m. ET. Investors can register through the Investor Relations website. The webcast replay will remain available for 12 months. JLL reported annual revenue of $18.0 billion in 2019 and has over 92,000 employees globally as of September 30, 2020.
On January 5, 2021, JLL Capital Markets announced the successful sale of the Pittock Block in Portland for $326 million, marking the highest price for a single asset in Oregon since 2015. The mixed-use property spans 302,262 square feet and is a key data center and telecommunications hub in the region. JLL represented the seller, Alco Investment Company, and found a buyer in a joint venture involving Harrison Street and 1547 Critical Systems Realty. The building is strategically located in a Qualified Opportunity Zone and serves as one of the Pacific Northwest's primary internet exchanges.
LaSalle Investment Management has announced that Mark Gabbay, currently CEO and CIO of LaSalle Asia Pacific, will become the Global CEO effective January 1, 2021, succeeding Jeff Jacobson. Gabbay has been instrumental in driving investment performance in the Asia Pacific region since joining LaSalle in 2010. Under Jacobson's leadership, LaSalle's assets under management increased by 57% to over $65 billion. The transition aims to maintain momentum in LaSalle's growth strategy, supported by a new leadership structure as part of a global transformation.
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JLL (NYSE: JLL) announced the hiring of Sharad Rastogi as Chief Product Officer to lead JLL Technologies (JLLT). Based in San Francisco, Rastogi will focus on developing product strategy and engineering for JLLT’s technology offerings. He has a successful history as a tech executive, previously leading the $3 billion Data Protection Division at Dell Technologies. Rastogi aims to enhance the efficiency and ROI of clients' real estate portfolios, capitalizing on JLLT’s data-driven insights and expertise.
On November 17, 2020, JLL (NYSE:JLL) announced key leadership changes as part of its transformation program initiated in January 2019. Greg O'Brien will transition to Global CEO Markets, with John Gates becoming CEO Americas Markets, Anthony Couse continuing as Asia Pacific CEO, and Andy Poppink taking on the role of CEO EMEA Markets. These changes, effective January 1, 2021, aim to enhance global service integration, leveraging multi-year investments in technology and services, especially relevant during the ongoing pandemic, showcasing JLL's adaptability in the market.
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ezCater and JLL have partnered to provide a meal solution for employees through Relish, ensuring convenient access to food at JLL properties nationwide. Amid COVID, this initiative mitigates operational challenges by offering individually packaged meals delivered contactlessly, reducing building traffic during lunchtime. Businesses can choose delivery days and cost coverage. Additionally, 4% of each order will benefit Feeding America. JLL aims to enhance safety during re-entry to offices, while ezCater addresses the need for safer meal solutions for corporate tenants.
Jones Lang LaSalle (NYSE: JLL) reported Q3 2020 results with diluted EPS at $2.52 and adjusted EPS at $2.99. Total revenue fell 12% to $4.0 billion, with fee revenue decreasing 23% to $1.4 billion due to COVID-19 impacts. However, the company managed to reduce fixed costs by approximately $135 million annually and witnessed robust operating cash flow, bringing net debt below pre-acquisition levels. Notably, LaSalle experienced solid advisory fee growth, raising over $2 billion in capital. JLL resumed share repurchases, reflecting a commitment to shareholder value.
Oxford Capital Group and Quadrum Global completed a significant real estate transaction by selling Essex on the Park, a 56-story, 479-unit luxury apartment building in Chicago, to a West Coast investment firm. JLL advised on the sale and arranged acquisition financing. The property, comprising 392,000 rentable square feet, is noted for achieving WELL Certification, emphasizing health and wellness. The successful sale reflects strong market demand despite pandemic challenges, showcasing long-term value for the asset.