JLL Enhances Digital Leasing Platform with Acquisition of Raise Commercial Real Estate
CHICAGO, October 2023 — Global commercial real estate services firm JLL is fortifying its digital leasing capabilities with the acquisition of Raise Commercial Real Estate, a technology-powered brokerage. The terms of the transaction, announced on Tuesday, remain undisclosed.
Raise, established in San Francisco in 2016, created a cloud-based application tailored to streamline leasing tasks, offering solutions for lease management and portfolio analytics. The acquisition will see Raise’s platform integrated into JLL’s existing technology suite, enhancing its digital offerings to clients and brokers.
“Acquiring Raise highlights our continuous commitment to our technology strategy of delivering the best proptech innovation for the benefit of our clients,” said Mihir Shah, CEO of JLL Technologies, in a press release. “Raise’s platform, combined with JLL’s technology suite and advanced AI capabilities, will be invaluable in accelerating our leasing tech journey.”
Raise co-founder and CEO Justin Bedecarre expressed enthusiasm about the acquisition, stating, “We are eager to pair Raise’s industry-leading technology with JLL’s exceptional culture, values, and client-centric approach, to create an elevated broker and client relationship.” This acquisition marks a significant step in Raise’s global expansion ambitions.
The acquisition of Raise is part of JLL’s broader strategy to integrate data-driven technology into its services. Earlier this year, JLL acquired Skae Power Solutions, a data center service provider. This move coincided with the formation of JLL's technical services division, aimed at addressing the rising demand for data centers.
In addition to Skae Power Solutions, JLL expanded its technological toolkit last year by acquiring Frame Financial Systems, a platform known for its "software with a service" debt portfolio reporting and analytics technology.
JLL's strategic acquisitions come amidst a period of robust financial performance. The Chicago-based brokerage reported a 12% increase in revenue for the second quarter compared to last year, driven by strong performance in workplace and project management, as well as an uptick in deals. JLL's total revenue was $5.6 billion, with a significant 19% growth from its workplace management sector and 13% from project management. Additional revenue increases were noted in property management and capital markets.
JLL's recent financial success underscores its commitment to enhancing its service offerings and integrating innovative technology to meet the evolving needs of the commercial real estate market.
Source: Noah Wire Services