London, 16th November 2007- Jones Lang LaSalle today announced the acquisition of Upstream, the UK’s leading real estate sustainability services practice. The 30-strong London-based Upstream team already counts among its clients a significant and growing portion of the UK’s leading occupiers, developers and investors, many of whom are also clients of Jones Lang LaSalle. The benchmarking that Upstream undertakes is becoming an industry standard and it is a key influencer for institutional investors, developers and other stakeholders.
“We believe there is real vision and commitment in bringing Upstream together with Jones Lang LaSalle. It brings another talented group of people into our global organisation providing them with new opportunities and support; and it adds a whole new dimension to our Energy & Sustainability Services (ESS) offer, which is unmatched by any competitor,” said Andrew Gould, Lead Director of Jones Lang LaSalle’s Professional & Advisory Group. “The expertise, experience, tools and talent of Upstream will infuse our global sustainability capabilities with fresh impetus and proven ideas, highly complementary to our successful existing ESS business lines.”
The combined strength of Jones Lang LaSalle and Upstream will provide clients with a strategic sustainability consultancy service, which will include: benchmarking (endorsed by an independent supervisory panel), intelligence, strategy and management systems, communications, capacity building, and research & advocacy. Upstream will continue to trade under its own name for a transitional period into the new year, as we jointly put in place the independent advisory panel to oversee its benchmarking services.
Julie Hirigoyen and Sarah Ratcliff, Joint Managing Directors, Upstream added: “This is an exciting step for both businesses. By joining forces with Jones Lang LaSalle we will be better able to grow the scale and scope of our business, realising our strategic goal to embed sustainability into all real estate decision-making. The combination of our specialist sustainability advice and Jones Lang LaSalle’s full range of real estate advisory, transaction and management services will create a market leading force that will be hard to beat.”
Jones Lang LaSalle’s new Upstream business group will continue to be led by the existing leadership team, Chairman, David Cadman and Joint MDs, Julie Hirigoyen & Sarah Ratcliffe. The entire team will relocate to Jones Lang LaSalle’s Hanover Square offices next spring.
Alastair Hughes, CEO EMEA concluded: “The acquisition will help us to realise our strategic objective of becoming the leading provider of sustainability services to developers, owners and occupiers around the world. The combination of Jones Lang LaSalle and Upstream will take the advice available to our clients to a different level than is currently available in the market.”
Notes to Editors:
Upstream
1. Established in 1997.
2. Upstream is led by David Cadman, Chairman and Joint Managing Directors Julie Hirigoyen and Sarah Ratcliffe
3. Upstream clients over the past year included: AXA Real Estate Investment Management, The Berkeley Group plc, The British Land Company plc, The Church Commissioners, Climate Change Capital, Countryside Properties plc, The Crown Estate, Cushman and Wakefield, Dandara, Derwent London plc, DTZ, Exemplar Properties, Foreign & Colonial Property Asset Management (F&CPAM), Grainger plc, Grosvenor, Hammerson plc, Helical Bar plc, Henderson Global Investors, Hermes Housing Corporation, ING Real Estate Investment Management, Invista Real Estate Investment Management, Invesco Real Estate, Jones Lang LaSalle, King Sturge, Land Securities plc, Lambert Smith Hampton, LaSalle Investment Management, Logic Homes, McCarthy & Stone, The Mall Fund, MEPC, Morley Fund Management, Occupiers Property Databank (OPD), PRUPIM, Royal London Asset Management (RLAM), St George plc, St James Group, Schroders Property Investment Management, SEGRO plc, Sonae Sierra, SGPS, SA, Sponge, Universities Superannuation Scheme (USS), Workspace Group plc, WWF, X-Leisure.