LONDON-Chicago-based Jones Lang LaSalle acquired Upstream, a leading locally based real estate sustainability services practice. A source close to the deal tells GlobeSt.com that JLL cannot disclose finances at this time, but that the company has acquired a 30-person team of sustainability experts.
"We believe there is real vision and commitment in bringing Upstream together with Jones Lang LaSalle," notes Dan Probst, chairman of the Global Environmental Sustainability Board at JLL, in a prepared statement. "It brings another talented group of people into our global organization, providing them with new opportunities and support; and adds a new dimension to our Energy & Sustainability Services offering, which is unmatched by any competitor." Probst continues that "the expertise, experience, tools and talent of Upstream will infuse our global sustainability capabilities with fresh impetus and proven ideas, highly complementary to our successful existing ESS business lines."
The source further explains that this "signifies additional global growth for the firm and marks a further step at toward [JLL's] stated goal of being the leading provider of sustainability services to developers, investors and occupiers." The source adds that "Upstream has proprietary benchmark services that are already used by one-third of the International Property Databank companies-so well established experts."
According to a company statement, the combined strength of JLL and Upstream will provide clients with a sustainability consultancy service for real estate that will include: benchmarking, which will be endorsed by an independent supervisory panel; intelligence; strategy; and management systems, communications, capacity building, research and advocacy. Upstream will continue to operate under its own name for a transitional period into the New Year, when and independent advisory panel will be put in place to oversee its benchmarking and services.
JLL's new Upstream business group will continue to be led by the existing leadership team, chairman, David Cadman and joint managing directors Julie Hirigoyen and Sarah Ratcliffe. The entire team will relocate to JLL's Hanover Square offices next spring.
Both Hirigoyen and Ratcliffe note that "by joining forces with Jones Lang LaSalle, we will be better able to grow the scale and scope of our business, realizing our strategic goal to embed sustainability into all real estate decision-making. The combination of our specialist sustainability advice and Jones Lang LaSalle's full range of real estate advisory, transaction and management services will create a market leading force that will be hard to beat."
Probst concludes that this "acquisition will help us to realize our strategic objective of becoming the leading provider of sustainability services to developers, owners and occupiers around the world. The combination of Jones Lang LaSalle and Upstream will take the advice available to our clients to a different level than is currently available in the market."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
