JLL acquires proptech company Hank

Rhea-AI Summary

JLL (NYSE: JLL) announced the acquisition of Hank, an AI-driven virtual engineering platform based in Sacramento, focused on optimizing building management systems. This acquisition aims to enhance energy efficiency, air quality, and tenant comfort while increasing net operating income (NOI) for real estate investors. Hank's technology integrates with existing building systems to provide automated management and maintenance solutions. The co-founders bring significant experience in sustainability, and Hank will continue to serve its customers under JLLT, offering innovative solutions to improve investment returns and sustainability goals.

Positive

• Acquisition of Hank enhances JLL's technology offerings in real estate management.
• Hank's AI platform improves energy efficiency and tenant comfort, potentially increasing NOI.
• The integration allows JLL to provide advanced solutions to existing and new clients.

Negative

• None.

CHICAGO, Jan. 6, 2022 /PRNewswire/ -- JLL (NYSE: JLL) today announced it has acquired Sacramento-based Hank, a virtual engineering platform powered by artificial intelligence (AI) that autonomously optimizes the management systems of commercial buildings to deliver increased comfort, air quality and energy savings.

Hank's system applies machine learning and AI to solve many of the commercial real estate (CRE) industry's largest operational challenges, including HVAC programming inconsistencies and energy and equipment performance inefficiencies. Its cloud-based platform optimizes energy efficiency, air quality, maintenance costs and tenant comfort—ultimately delivering increased net operating income (NOI) to real estate investors.

"Our vision for the future of buildings is automated, AI-powered, smart and sustainable," said Sharad Rastogi, President at JLL Technologies (JLLT), a division of JLL. "By joining JLL, Hank's cutting-edge technology presents a major opportunity to drive efficiencies for our clients today and best anticipate the needs of tomorrow. JLL's acquisition of Hank represents a continued commitment to drive sustainability and embrace technology to shape the future of real estate for a better world."

Hank was co-founded in 2016 by Zachary Denning and Jerremy Spillman, who have a wealth of experience in engineering and the sustainability space, managing teams and growing significant revenue across multiple sustainability-focused companies.

"Having worn many hats in the building management space, we uniquely understand the opportunity to drive impact through smart building technology," said Denning, CEO of Hank. "We are thrilled to be part of JLL, which has a strong track record of applying technology, like Hank, to solve real estate's most complex challenges. With JLL, we will have the resources to scale faster to advance healthy, sustainable buildings worldwide."

Hank works by plugging into an existing building automation system (BAS) and developing a "digital twin" of the building in the cloud to start learning how it operates. Hank is able to generate a full systems audit of the building, detail where it can make efficiency adjustments, and action against it automatically, autonomously and remotely. Hank can be deployed in a matter of weeks and drive immediate value that spans energy savings, asset longevity, comfort scores and indoor air quality (IAQ).

Hank will operate within JLLT and Denning will serve as director of sustainability product. Hank will continue to serve existing customers, and its AI-powered technology will now be available to JLL clients to help improve tenant experience and investment returns while accelerating achievement of sustainability goals.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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Contact: Ramona Redlingshafer
Email: Ramona.Redlingshafer@am.jll.com

 

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SOURCE JLL

FAQ

What is the purpose of JLL's acquisition of Hank?

The acquisition aims to enhance JLL's capabilities in optimizing building management through AI technology.

How will Hank's technology impact JLL's services?

Hank's technology will improve energy efficiency, comfort, and maintenance costs, benefiting JLL's clients.

When was the acquisition of Hank announced?

The acquisition was announced on January 6, 2022.

What are the expected benefits of the Hank acquisition for JLL shareholders?

The acquisition is expected to drive efficiencies, increase NOI, and enhance tenant experience, potentially boosting JLL's overall performance.