JLL buys cloud-based building management platform Hank
Deal adds to commercial giant’s growing suite of smart building offerings
JLL has added another tool to its expanding suite of smart building offerings.
The company acquired Hank, a cloud-based “virtual engineering” and building management platform that boosts energy efficiency in commercial buildings, according to a statement. Terms of the deal were not disclosed.
Sacramento-based Hank was co-founded in 2016 by CEO Zachary Denning and chief revenue officer Jerremy Spillman. The platform uses artificial intelligence and machine learning to autonomously manage lighting, heating, HVAC and building security. Its technology can integrate with any property management system.
Hank can save owners up to 30 percent on energy costs, improve “tenant comfort,” and reduce the volume of service calls, JLL said.
The company will operate under JLL Technologies, the commercial real estate giant’s proptech arm, where Denning will serve as director of sustainability product.
JLL was among 2021’s more active strategic consolidators in proptech, as firms sought to integrate varied technology solutions onto single, flexible platforms to meet a range of evolving tenant needs.
In August, JLL paid an undisclosed sum for data analytics platform Skyline AI to help clients estimate future property values and pick investments. The firm then paid $300 million in October for Building Engines, a building operations platform that JLL said can improve rents, tenant experience and sustainability.
“Every company is looking to make the environment more healthy, more safe, more sustainable,” Sharad Rastogi, president of JLL Technologies, told The Real Deal in November. “That’s a multiple-year journey.”