JLL recently announced that it has reached an agreement to acquire Skyline AI, an artificial intelligence (AI) technology company that uses proprietary machine learning models to gain a competitive advantage in the origination and analysis of real estate opportunities.
JLL said that the transaction is expected to close shortly, following completion of customary closing conditions.
“The acquisition of Skyline AI is a significant step for JLL as we look to provide the most strategic and creative advice to our clients,” said Richard Bloxam, CEO of Global Capital Markets, JLL. “When you combine the intelligence of the best advisors on the ground with a quantitative expert team and AI data analysis, you get insights that are beyond human and create a competitive edge for JLL and our clients.”
JLL will also incorporate Skyline AI technology and proprietary data into its products so JLL clients can better predict future property values, improve cost savings, identify promising investment opportunities and make critical business decisions, such as when to raise rent, renovate or sell.
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“This acquisition demonstrates the value and synergies of JLL Spark, as we invest in innovative proptech companies and leverage the resources of JLL to accelerate their growth,” said Yishai Lerner, co-CEO, JLL Technologies (JLLT), a business division of JLL dedicated to CRE technology. “Our teams consist of knowledgeable real estate experts and world-class technologists who successfully bring new AI offerings like Skyline AI into the fold and provide the best insights to our clients, accelerating JLL’s leadership in CRE technology.”
Skyline AI’s platform uses proprietary AI/ML models to process data from more than 300 data sources and tracking 10,000 attributes such as owner information, property characteristics, demographics, historical transactions and debt for 400,000 multifamily properties across the U.S. Over time, Skyline AI’s platform identifies discrepancies and determines which information is most accurate to help investors maximize their investment and leasing opportunities.
JLL is a professional services firm that specializes in real estate and investment management. JLL had annual revenue of $16.6 billion in 2020, operations in over 80 countries and more than 92,000 employees globally.