JLL Spark invests in Honest Buildings
Global Venture Fund joins syndicate of real estate owners and VCs backing the owner-specific project management platform
SAN FRANCISCO – October 9, 2018 – JLL Spark, a division of JLL (NYSE: JLL), announced today an investment in Honest Buildings – a market-leading project management platform built for and backed by real estate owners. The new investment will be used to help fuel HonestBuildings’ expansion into new international markets and deliver real estate owners with purposebuilt, enterprise grade platforms that will be instrumental to the future of the real estate industry.
JLL Spark’s investment closely follows the recent close of Honest Buildings’ Series B round of $30M, from industry investors including Brookfield Property Partners, Oxford Properties Group, The Durst Organization, DivcoWest Real Estate Investments, Rudin Ventures, First Capital Realty, QuadReal, Altus Group LTD, and C-III Capital Partners, in addition to leading venture capital funds Thrive Capital, Navitas Capital, Greensoil Building Innovation Fund, The Westly Group, Rockport Capital, and Circle Ventures. Total investment to date is $50 million and is comprised of a strategic group of leading owners and venture investors.
JLL uses Honest Buildings’ platform to manage total project value for institutional clients bycentralizing project data, automating bid management, managing capital and standardizing reporting--resulting in increased transparency.
This new investment will allow Honest Buildings to invest further in its product to continue to scale the company’s impact on progressing the urban landscape by empowering collaborative, data-driven decision making for commercial real estate owners. Additionally, Honest Buildings will continue its global expansion, starting with Australia and the UK.
ABOUT HONEST BUILDINGS
Honest Buildings enables leading real estate owners to unlock value from their assets. Global, national and local owners like Brookfield, Oxford Properties, Beacon Capital Partners, Hines, Invesco, SL Green, The Durst Organization, Silverstein Properties, JBG Smith, Harvest Properties, Parkway Properties, and Rudin Management are utilizing the power of the platform's data-driven technology. The platform puts control of real estate capital planning and project data into the hands of real estate owners. By centralizing all projects portfolio-wide in Honest Buildings and moving workflows out of spreadsheets, construction projects are completed on time and on budget today, and owners can manage their capital deployment more strategically tomorrow. Ultimately this allows real estate owners to take the lead in driving urban expansion –currently a $10 trillion a year market – and how we live, work and play in cities in the future.
About JLL Spark
JLL Spark is dedicated to transforming the real estate industry through technology-based innovation. JLL Spark provides the nimbleness of a startup backed by JLL's expertise and resources. Led by experienced Silicon Valley entrepreneurs with successful track records building and investing in tech companies, JLL Spark's strategic proptech investments offer JLL the ability to provide innovative products to real estate owners and operators. JLL Spark was founded in 2017 and is headquartered in San Francisco, California. For further information, visithttps://spark.jll.com/.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Contact: Linden Kohtz, CommStrat for JLL Spark
Contact: Rose Levy, Pace Public Relations for Honest Buildings