SAN FRANCISCO—Technology's impact on the real estate industry is increasing exponentially. In 2015, $1.9 billion was invested in real estate technology companies around the world and that number rose 36% in 2016 to $2.6 billion.
In order to identify and deliver new technology-driven real estate service offerings, JLL announced a significant addition to its property technology capabilities with the launch of global entity, JLL Spark. This business will ensure that JLL and its clients benefit from technology-driven transformation by building a team that will create new products, make strategic investments and incubate proptech startups.
JLL Spark will be led by co-CEOs Mihir Shah and Yishai Lerner, who have successful track records of founding, managing and investing in profitable technology businesses.
“The launch will accelerate JLL's drive to be the clear global leader in digital real estate services,” JLL CEO Christian Ulbrich said. “Combining Mihir's and Yishai's digital business expertise and record of successes with JLL's leading global and deep market knowledge will allow us to introduce even more digital tools and data insights to help our clients achieve their ambitions. With its entrepreneurial, start-up approach, JLL Spark will differentiate JLL and lead our company and our clients into new solutions.”
As a leader in proptech, JLL has created advanced data analytics tools and acquired software and technology integration companies such as ATG, BRG and Corrigo. JLL Spark will extend and complement this already-strong platform.
“JLL already has a track record of investing in technology and is now going beyond what exists today with the creation of JLL Spark,” Shah tells GlobeSt.com. “We're going to develop products, invest in companies or incubate startups that can address the pain points and needs of real estate investors and occupiers. JLL is committed to taking a new approach and making a difference in the real estate world.”
Shah is a successful entrepreneur and seasoned product executive. He was most recently vice president and general manager of mobile at Groupon, where he oversaw substantial and market-leading growth. Previously CEO and co-founder of Mob.ly (subsequently acquired by Groupon), he has extensive Silicon Valley experience including early investments in start-ups such as UBER and a senior role at Yahoo!
“JLL's commitment to technology has already had a large impact,” Lerner added. “By joining the company, we have an exciting opportunity to build an incredible team and help realize JLL's hunger and aspirations for greater innovation.”
Lerner is also an experienced technology executive. He was co-founder of several successful start-ups including Mob.ly, Detour and CarrierIQ (acquired by AT&T). He was also the first engineer at Core Mobility (acquired by Smith Micro) and an angel investor in tech companies such as UBER and Boom Supersonic.
“Just as technology is transforming many traditional industries across the business world, such as transportation, the time is right to make change happen for real estate,” Shah said.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
