JLL announced a significant addition to its extensive proptech capabilities with the launch of JLL Spark, a global business that will identify and deliver new technology-driven real estate service offerings. JLL Spark will be led by co-CEOs Mihir Shah and Yishai Lerner who have successful, broad-based track records of founding, managing and investing in profitable technology businesses.
JLL Spark 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 CEO Christian Ulbrich said: “Today’s launch will accelerate JLL’s drive to be the clear global leader in digital real estate services. 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.”
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 percent in 2016 to $2.6 billion. As a leader in proptech, JLL has created advanced data analytics tools and acquired software and technology integration companies like ATG, BRG and Corrigo. JLL Spark will extend and complement this already strong platform.
Mihir Shah, co-CEO JLL Spark, said: “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.”
Yishai Lerner, co-CEO JLL Spark, added: “JLL’s commitment to technology has already had a large impact. 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.”
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!
Lerner is an experienced product-driven technology executive. He was co-founder of several successful start-ups including Mob.ly (acquired by Groupon), Detour and CarrierIQ (acquired by AT&T). He was also the first engineer at Core Mobility (acquired by Smith Micro) and an early (angel) investor in tech companies such as Uber and Boom Supersonic.
JLL is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion.