Global real estate services firm acquires Upstream, the UK’s leading real estate sustainability services practice
CHICAGO, Nov. 16 /PRNewswire-FirstCall/ — Jones Lang LaSalle today announced the acquisition of Upstream, the UK’s leading real estate sustainability services practice. The 30-strong London-based Upstream team already counts among its clients a significant and growing portion of the UK’s leading occupiers, developers and investors. The benchmarking that Upstream undertakes is becoming an industry standard and a key influencer for institutional investors, developers and other stakeholders.
“We believe there is real vision and commitment in bringing Upstream together with Jones Lang LaSalle. 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 (ESS) offering, which is unmatched by any competitor,” said Dan Probst, chairman of the global Environmental Sustainability Board at Jones Lang LaSalle. “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 combined strength of Jones Lang LaSalle and Upstream will provide clients with a sustainability consultancy service for real estate that will include: benchmarking (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 an independent advisory panel will be put in place to oversee its benchmarking and services.
Jones Lang LaSalle's new Upstream business group will continue to be led by the existing leadership team, Chairman David Cadman and Joint Managing Directors Julie Hirigoyen & Sarah Ratcliffe. The entire team will relocate to Jones Lang LaSalle’s Hanover Square offices next spring.
Julie Hirigoyen and Sarah Ratcliffe, Joint Managing Directors, Upstream added, “This is an exciting step for both businesses. 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.”
Mr. Probst concluded, “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.”
Jones Lang LaSalle and Sustainability
Jones Lang LaSalle's Energy & Sustainability Services (ESS) business delivers integrated energy management and environmental sustainability services to clients around the world. ESS activities are research-driven and focused on innovation. ESS activities are overseen by the firm's global Environmental Sustainability Board, which is focused on five overarching goals:
— Reduce the environmental impacts of our business operations
— Deliver the best possible solutions to our clients
— Drive thought leadership and innovation on industry issues
— Train employees to deliver improvement internally and for our clients
— Meet or exceed the requirements of environmental laws and regulations
About Upstream
Established in 1997, Upstream is led by David Cadman, Chairman and Joint Managing Directors Julie Hirigoyen and Sarah Ratcliffe. Upstream clients over the past year included: AXA Real Estate Investment Management, The Berkeley Group plc, The British Land Company plc, The Church Commissioners, Climate Change Capital, Countryside Properties plc, The Crown Estate, Cushman and Wakefield, Dandara, Derwent London plc, DTZ, Exemplar Properties, Foreign & Colonial Property Asset Management (F&CPAM), Grainger plc, Grosvenor, Hammerson plc, Helical Bar plc, Henderson Global Investors, Hermes Housing Corporation, ING Real Estate Investment Management, Invista Real Estate Investment Management, Invesco Real Estate, Jones Lang LaSalle, King Sturge, Land Securities plc, Lambert Smith Hampton, LaSalle Investment Management, Logic Homes, McCarthy & Stone, The Mall Fund, MEPC, Morley Fund Management, Occupiers Property Databank (OPD), PRUPIM, Royal London Asset Management (RLAM), St George plc, St James Group, Schroders Property Investment Management, SEGRO plc, Sonae Sierra, SGPS, SA, Sponge, Universities Superannuation Scheme (USS), Workspace Group plc, WWF, and-Leisure.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to FORTUNE magazine's “100 Best Companies to Work For” and Forbes magazine's “400 Best Big Companies,” has approximately 160 offices worldwide and operates in more than 450 cities in over 50 countries. With 2006 revenue of more than $2.0 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.3 billion square feet worldwide. In 2006, the firm completed capital markets sales and acquisitions, debt financing, and equity placements on assets and portfolios valued at $70.9 billion. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse real estate money management firms, with approximately $46.9 billion of assets under management. For further information, please visit our Web site, http://www.joneslanglasalle.com.
SOURCE Jones Lang LaSalle
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