Jones Lang LaSalle, Inc. - JLL STOCK NEWS

JLL has arranged a $310 million construction loan for Avia Labs at Millbrae Station, a groundbreaking life sciences development in California. Spanning 315,000 square feet, this project is notable for being the state's first all-electric life sciences facility. The six-story building aims for LEED Gold and Fitwel certifications, focusing on energy efficiency and tenant quality of life. Located on a 2.1-acre site, it complements the undersupplied North County submarket, which has a 1.8% vacancy rate. Longfellow Real Estate Partners is the borrower, with Otera Capital providing the financing.

Jones Lang LaSalle (NYSE: JLL) announced that CEO Christian Ulbrich will participate in a fireside chat at Citi's 2023 Global Property CEO Conference on March 6, 2023, at 7:55 a.m. ET. Additionally, CFO Karen Brennan will speak at the Raymond James Institutional Investors Conference on March 7, 2023, at 4:00 p.m. ET. Audio webcasts for both events will be available on JLL's Investor Relations website, with replays posted after each session.

JLL, a leading professional services firm in real estate and investment management, reported annual revenue of $20.9 billion, operating in over 80 countries with a workforce exceeding 103,000 as of December 31, 2022.

Jones Lang LaSalle reported its 2022 results, revealing fourth-quarter diluted earnings per share of $3.62 and adjusted diluted earnings of $4.36. Full-year diluted EPS was $13.27, down 28% year-on-year. Revenue for the fourth quarter fell 2% to $5.6 billion, with fee revenue declining 16% to $2.2 billion. Strong growth in Work Dynamics offset declines in Capital Markets and Markets Advisory, driven by decreased leasing activity. Net income decreased 59% in Q4 and 32% for the year. Despite the challenges, the company anticipates market recovery in the second half of 2023.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has successfully closed a $120 million loan to refinance a portfolio comprising 12 limited-service hotels across California, Connecticut, and New Jersey. The total loan amount, including a $20 million mezzanine loan from Driftwood Capital, reaches $140 million. This portfolio features 1,313 rooms across chains like Residence Inn and Hilton Garden Inn, with ten properties recently renovated. The transaction marks the sixth collaboration between FBRT and Driftwood, reinforcing their ongoing partnership. FBRT's asset base exceeded $6.3 billion as of September 30, 2022.

JLL's Hotels & Hospitality Group announced the successful sale of the Diplomat Beach Resort in Hollywood, Florida, which features 1,000 rooms and 200,000 square feet of meeting space. The transaction, closed on February 6, 2023, represents the third largest single-asset hotel sale in U.S. history. A joint venture between Credit Suisse Asset Management and Trinity Fund Advisors LLC acquired the resort, which was extensively renovated with a $90 million investment in 2018. The new owners will manage the resort under the Curio Collection by Hilton. This deal highlights the robust recovery of the South Florida lodging market post-COVID.

Jones Lang LaSalle (NYSE: JLL) has scheduled a conference call on February 28, 2023, at 9 a.m. Eastern time to discuss its fourth quarter 2022 results. Investors can access the call by dialing (844) 200-6205 and using conference ID 817036. A live webcast will be available at ir.jll.com, along with presentation slides. A replay will be accessible for 12 months post-event on the same website. JLL is a global leader in real estate and investment management with annual revenue of $19.4 billion and over 102,000 employees worldwide.

JLL's Capital Markets group has secured a $290 million construction loan for a new life sciences facility at 3201 Cuthbert Street in Philadelphia, developed by Gattuso Development Partners and Vigilant Holdings. The 11-story building will be the city's largest lab facility, featuring 519,647 square feet of lab space and 11,908 square feet of retail space. Notably, 45% of the lab space is pre-leased to SmartLabs and Drexel University. This project reflects Philadelphia's growing profile as a life sciences hub, with significant interest expected due to high demand and limited supply in the area.