Commercial/Multifamily Briefs from JLL, Building Engines, Freddie Mac

JLL Acquires Building Engines

JLL, Chicago, agreed to acquire building operations platform Building Engines, Boston.

JLL will acquire Building Engines for nearly 300 million in cash. The firms expect the transaction to close this quarter.

Building Engines’ cloud platform serves as a comprehensive 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 building tenants, management and staff.

Building Engines serves more than 1,000 clients who use its platform to manage operational needs across more than 3 billion square feet and 35,000 properties worldwide. Its enterprise-class platform, which will continue to be available for use by all property owners and their service providers, scales as an investor’s portfolio grows—from one building to larger, more complex environments. Additionally, the platform’s open API infrastructure features more than 30 integrations with other building operations tools, unifying an increasingly fragmented set of building operations applications into a single user experience for all property managers.

Freddie Mac Prices $767 Million Multifamily K-Deal, K-F122

Freddie Mac, McLean, Va., priced a new offering of Structured Pass-Through K Certificates that includes a class of floating-rate bonds indexed to the Secured Overnight Financing Rate.

The firm expects the nearly $767 million in K Certificates (K-F122 Certificates) to settle on or about October 28. The K-F122 Certificates are backed by floating-rate multifamily mortgages with 10-year terms, which are SOFR-based.

Barclays Capital Inc. and Wells Fargo Securities, LLC served as Co-Lead Managers and Joint Bookrunners. Brean Capital LLC, Goldman Sachs & Co. LLC, Loop Capital Markets LLC and Nomura Securities International Inc. co-managed the process.