JLL to Pay $300M for “Building Engines” Property Management Platform

JLL has reached an agreement to acquire Boston-based Building Engines, a building operations platform that manages how properties are run, provides experiences for operators and tenants and seeks to improve net operating income for commercial real estate portfolios.

JLL will acquire Building Engines for a cash purchase price of approximately $300 million. The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions, including regulatory review.

Building Engines’ cloud platform serves as a comprehensive, easy-to-use system that unites all the technology and applications used to run buildings in one place. Its comprehensive capabilities streamline work orders, make maintenance more efficient and simplify interactions between tenants, management and staff.

Building Engines serves more than 1,000 clients who rely on its platform to manage critical operational needs across more than 3 billion square feet and 35,000 properties worldwide. William Blair served as the exclusive financial advisor to Building Engines in this transaction