JLL is excited to announce it has reached an agreement to acquire Boston-based Building Engines, the leader in building operations technology. The $300 million deal is slated to close toward the end of 2021 and will expand our offerings and technology leadership across the corporate real estate (CRE) industry.
Building Engines’ cloud-based building operations platform, Prism, unites previously disparate technologies and processes into a single, easy-to-use solution. Prism integrates with more than 30 existing building operations tools—including software that JLL uses and invests in through its Spark venture capital fund.
JLL’s deep industry experience and JLL Technologies’ (JLLT) tech expertise, combined with Building Engines’ innovative platform, promise to advance the digital transformation of corporate and commercial real estate.
Walled gardens in building operations tech
Building operations software packages have become more and more fragmented, divided into narrow specialty areas and hindering interoperability. This, in turn, creates poor experiences for property managers, tenants, and other stakeholders. Prism allows customers to streamline work orders; improve maintenance efficiency; and simplify interactions between tenants, building management, and staff.
“We set out to be the leading building operations platform for CRE, guided by our vision of providing an exceptional experience for everyone in every building,” explained Tim Curran, CEO of Building Engines. “By joining forces with JLL, we can deliver on that vision faster, at scale.”
What is Building Engines—and what does its platform do?
An innovator in building operations technology, Building Engines developed Prism, its cloud-based building operations platform. Prism manages more than three billion square feet across 35,000 properties around the world. The platform’s open API infrastructure features more than 30 integrations with other building operations tools, unifying building operations applications with a single user experience for property managers.
“The combination of JLL’s expertise in managing buildings, Building Engines’ leading building operations software platform, and JLLT’s CRE technology leadership will accelerate the transition of property operations from manual and reactive activities to technology-informed, automated, or digitalized activities,” said JLL’s President of Investor Services, Americas, Jay Koster.
JLL and Building Engines have a longstanding relationship serving mutual customers, and Prism already integrates with some software JLL invests in and uses. Together, we’ll craft an ecosystem of building operations software and services built on hundreds of years of industry knowledge.
Building Engines will continue to serve existing customers, helping them maximize the value of their assets. And JLL clients who use Building Engines will benefit from closer alignment between the technology and JLL’s services.
“Together, JLL and Building Engines will accelerate the digital transformation of buildings worldwide,” said Sharad Rastogi, president of JLL Technologies, a division of JLL.