Jones Lang Lasalle Inc - JLL STOCK NEWS

Jones Lang LaSalle (NYSE: JLL) has announced the initiation of its first commercial paper program, allowing the issuance of up to $2.5 billion in short-term, unsecured commercial paper notes. These notes, issued by JLL's subsidiary, Jones Lang LaSalle Finance B.V., and guaranteed by JLL, will be offered under typical market terms in the U.S. commercial paper market. The program aims to strengthen JLL's balance sheet, diversify its financial resources, and provide capital for general corporate purposes, including the repayment of existing borrowings. The notes will not be registered under the Securities Act of 1933 and cannot be sold in the U.S. without proper registration or exemption.

First Citizens Bank has announced a $52 million financing deal with Wheelock Street Capital and Foundry Commercial for the construction of the Egret Point Logistics Center in Boynton Beach, Florida. This facility, situated at 3800 S Congress Ave., will feature two Class-A industrial buildings totaling 457,110 SF, with 32-foot ceilings, 104 dock doors, four drive-in doors, and 539 parking spaces. The site benefits from its strategic location, 3 miles from the I-95 access points. First Citizens Bank's Commercial Real Estate team facilitated this financing, showcasing their expertise in the sector. Founded 15 years ago, Wheelock Street Capital has managed $11 billion in investments, while Foundry Commercial oversees a $4.3 billion development and acquisitions pipeline.

JLL's Hotels & Hospitality group secured $575 million in financing for the Diplomat Beach Resort, a 1,000-room award-winning beachfront property in Hollywood, Florida. The five-year, floating-rate loan was provided by Citi, Deutsche Bank, Ohana Real Estate Investors, and the Canadian Pension Plan Investment Board. Managed by Trinity Investments and UBS Asset Management, the resort has seen a strong performance post-COVID, aided by Florida's robust lodging market. The Diplomat, managed by Hilton, features extensive amenities, including a $90 million renovation in 2018. JLL's involvement highlights their leading role in hotel financing and advisory services.

Cresset Real Estate Partners has announced a joint venture with EMBREY to develop a 395-unit multi-housing project in Englewood, Colorado as part of its Qualified Opportunity Zone Fund II (QOZ Fund II). The development will feature 361 mid-rise apartment units and 34 townhome units across seven buildings, with amenities including a fitness center, rooftop lounge, and resort-style pool. The project begins this month and is expected to complete by 1Q 2027. This is the second QOZ Fund II investment announced within a month, following a mid-rise project in Tampa, Florida. QOZ Fund II closed with over $650 million in equity commitments, contributing to Cresset's $1.2 billion in QOZ equity investments since 2018. Financing for the Englewood project was managed by JLL Capital Markets.

HSBC has inaugurated its new U.S. headquarters at The Spiral in New York City's Hudson Yards, marking its most significant U.S. relocation. The ceremony was attended by notable figures including Mayor Eric Adams and former Mayor Michael Bloomberg. The new headquarters represents HSBC’s commitment to New York and aims to foster an empowering work environment. Designed by Bjarke Ingels Group, The Spiral features 66 stories with green outdoor terraces, ample natural light, and sustainability-focused infrastructure. HSBC's leadership emphasized the bank's dedication to connecting U.S. clients with international opportunities and supporting New York's economic growth.

Jones Lang LaSalle (NYSE: JLL) announced the appointment of Susan Gore to its Board of Directors effective May 22, 2024. Gore brings over 30 years of experience in accounting, auditing, and finance, having served in various leadership roles at PriceWaterhouseCoopers LLP (PwC) and as a CFO and advisor to venture-backed companies. She will join JLL's Audit and Risk and Nominating, Governance and Sustainability Committees. Gore's expertise in digital transformation and global technology will support JLL's growth strategies. Ann Marie Petach, a long-serving board member, did not stand for re-election.

Aston has introduced a pioneering Rapid Development Program (RDP) for Clean Data Centers, aimed at delivering scalable, carbon-free energy solutions to data centers through a network of industrial clean energy campuses. The initiative is driven by a projected doubling in data center electricity usage by 2026. The development pipeline currently represents 2 gigawatts of power, with new projects starting in 2024 and coming online in 2026.

Aston's campuses will feature multiple sources of carbon-free power generation and storage, significant power delivery with grid backup, and a flexible contract structure, all designed around customer-specific needs. The collaboration with JLL will focus on site selection and leasing, leveraging JLL’s expertise in data center development and microgrid infrastructure. This partnership aims to fast-track the deployment of clean energy solutions for data centers, addressing the expanding energy needs of major companies globally.

JLL (NYSE: JLL) has announced the acquisition of SKAE Power Solutions, a New York-based provider of data center technical and project management services. The acquisition aims to enhance JLL's data center capabilities, offering solutions across the complete data center lifecycle. The transaction, expected to close soon, will bring SKAE's 75 employees into JLL's Work Dynamics. The move aligns with JLL's strategy to address the growing demand for data centers, driven by AI and machine learning advancements. SKAE's expertise is expected to bolster JLL’s ability to manage data center site selection, design, testing, and operations management.

JLL's Hotels & Hospitality group arranged a $735 million refinancing for the Walt Disney World Swan & Dolphin Resort on behalf of Tishman Hotel & Realty and MetLife Investment Management. The resort consists of three Marriott branded hotels and offers extensive meeting and event space, restaurants, bars, fitness centers, pools, and a spa. The financing represents confidence in the resort's performance and management, with the loan priced competitively due to strong cash flows and a unique competitive position.