Jones Lang LaSalle, Inc. - JLL STOCK NEWS

On November 17, 2020, JLL (NYSE:JLL) announced key leadership changes as part of its transformation program initiated in January 2019. Greg O'Brien will transition to Global CEO Markets, with John Gates becoming CEO Americas Markets, Anthony Couse continuing as Asia Pacific CEO, and Andy Poppink taking on the role of CEO EMEA Markets. These changes, effective January 1, 2021, aim to enhance global service integration, leveraging multi-year investments in technology and services, especially relevant during the ongoing pandemic, showcasing JLL's adaptability in the market.

ezCater and JLL have partnered to provide a meal solution for employees through Relish, ensuring convenient access to food at JLL properties nationwide. Amid COVID, this initiative mitigates operational challenges by offering individually packaged meals delivered contactlessly, reducing building traffic during lunchtime. Businesses can choose delivery days and cost coverage. Additionally, 4% of each order will benefit Feeding America. JLL aims to enhance safety during re-entry to offices, while ezCater addresses the need for safer meal solutions for corporate tenants.

Jones Lang LaSalle (NYSE: JLL) reported Q3 2020 results with diluted EPS at $2.52 and adjusted EPS at $2.99. Total revenue fell 12% to $4.0 billion, with fee revenue decreasing 23% to $1.4 billion due to COVID-19 impacts. However, the company managed to reduce fixed costs by approximately $135 million annually and witnessed robust operating cash flow, bringing net debt below pre-acquisition levels. Notably, LaSalle experienced solid advisory fee growth, raising over $2 billion in capital. JLL resumed share repurchases, reflecting a commitment to shareholder value.

Oxford Capital Group and Quadrum Global completed a significant real estate transaction by selling Essex on the Park, a 56-story, 479-unit luxury apartment building in Chicago, to a West Coast investment firm. JLL advised on the sale and arranged acquisition financing. The property, comprising 392,000 rentable square feet, is noted for achieving WELL Certification, emphasizing health and wellness. The successful sale reflects strong market demand despite pandemic challenges, showcasing long-term value for the asset.

On October 29, 2020, JLL Capital Markets announced the successful closure of a $650 million sale and $390 million financing for the Transamerica Pyramid Center Complex in San Francisco. The complex consists of three buildings, including the iconic Transamerica Pyramid Tower, totaling 703,537 square feet. The buyer, a partnership of SHVO and Deutsche Finance International, aims to enhance the site's offerings for modern tenants. This marks a significant transaction, as the complex had not changed ownership in nearly 50 years.

Jones Lang LaSalle (NYSE: JLL) is set to announce its third quarter 2020 results on November 2, 2020, at 7:30 a.m. Eastern time. This will be followed by a live webcast and teleconference at 9:00 a.m. Eastern time. Investors can register for the event through the Investor Relations website at ir.jll.com. A replay of the webcast will be accessible for 12 months post-event.

Pacific Western Bank has issued a $67 million construction loan to Cypress Real Estate Advisors for developing The Cameron, a 361-unit Class A apartment community in Denver, Colorado. Located near the Colorado Station RTD light rail, the project will feature premium amenities. JLL Capital Markets represented CREA in securing the financing. Despite the challenging economic landscape, the Denver apartment market has shown resilience, outperforming national averages in collections and occupancy rates.

JLL Capital Markets has facilitated a joint venture between Urban Visions and Mitsui Fudosan America to develop 'The Net', a 36-story, 812,000 rentable square feet Class A office tower in Seattle's Central Business District. Scheduled for completion in 2024, it will include street-level retail, extensive parking, and a focus on health and productivity with modern architectural design. Its prime location near key Seattle attractions and a perfect Transit Score of 100 enhances its appeal to potential tenants. This development is expected to redefine office standards, amid Seattle's growing demand for office spaces.