JLL closes acquisition of Building Engines for $300 million
JLL intends to extend the reach of leading building operations platform as the ‘system of record’ for property management
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CHICAGO, Nov. 30, 2021 – JLL (NYSE: JLL)announced today that it closed its acquisition of Building Engines, the market-leading building operations platform that transforms how properties are run, provides exceptional experiences for operators and tenants and improves net operating income (NOI) across the world’s most successful commercial real estate (CRE) portfolios. JLL acquired Building Engines for a cash purchase price of approximately $300 million.
The acquisition reflects JLL’s unique commitment to applying technology to solve real estate’s biggest challenges—in this case, the siloed ecosystem of property management technologies. Building Engines’ cloud platform streamlines everything from work orders to maintenance scheduling and tenant engagement in one place.
“Our vision is to unite the fragmented property management software ecosystem and make Building Engines the building operations system of record,” said Sharad Rastogi, president of JLLT. “With this acquisition, we see a major opportunity to bring the property management software ecosystem together in one easy-to-use, open platform for real estate investors.”
Building Engines already serves more than 1,000 customers across 35,000 buildings, including many JLL customers, who will now benefit from tighter alignment between the two companies. JLL also intends to leverage Building Engines’ open API infrastructure to integrate the platform more broadly with the greater real estate ecosystem, including the product portfolio developed by JLL Technologies (JLLT), its division that builds and invests in technology, and products it invests in through venture arm JLL Spark.
“At Building Engines, our goal is to create an amazing experience in every building worldwide,” said Curran. “So, joining JLLT, the leading technology team in commercial real estate was a natural next step. By tapping into the scale of a global firm like JLL, we can accelerate expansion of our cloud platform that meets the complete needs of property managers and investors.”
Building Engines’ more than 150 employees have joined JLLT. CEO Tim Curran, who joined Building Engines as a board director in 2011 and was named CEO in 2017, serves as Executive Managing Director, Building Engines, reporting to Rastogi. Building Engines will retain its name and continue to serve existing customers and real estate investors worldwide to help them maximize the value of their assets.
William Blair served as the exclusive financial advisor to Building Engines in this transaction.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Building Engines
Building Engines improves net operating income across the world’s most successful commercial real estate (CRE) portfolios. Our customers increase revenue, deliver the best occupant experience and reduce operating costs with Prism – the industry’s most innovative and powerful building operations platform. Today, more than 1,000 customers rely on Building Engines to manage critical operational needs across more than three billion square feet and 35,000 properties worldwide. The company is backed by Wavecrest Growth Partners, River Cities Capital, MassMutual Ventures and Camber Creek. For more Information, visit buildingengines.com.