JLL has launched a group to advise banks on their far-flung real estate portfolios during a time when companies are making big changes because of COVID-19.
JLL Financial Services in the Americas will be led by President Bobby Magnano and Vice Chairman Giles Wrench, the Chicago-based commercial real estate brokerage said.
JLL said it already has thousands of professionals advising banks and other financial services firms on all aspects of their real estate. The newly formed group will help banks streamline their real estate footprints and take on “any real estate challenge they encounter,” Magnano said in an email to CoStar News. That could include evaluating their offices, bank branches and data centers, the firm said.
“We also have access to the many JLL experts to provide world class consulting to clients who own real estate as an investment,” Magnano added in the email.
JLL is forming the specialized practice as employers continue to tweak the way they use offices, retail spaces and other real estate in the aftermath of the pandemic’s arrival in early 2020.
Rising interest rates and other economic concerns have further complicated real estate deals in recent months, which affects decision-making by corporations.
“The pandemic ushered in rapid change and forced companies to evolve. Helping clients create differentiation through deep industry expertise is more critical than ever,” Sanjay Rishi, Americas CEO of Work Dynamics at JLL, said in a statement. “This is a major step in JLL’s goal to provide tailored services and industry focus to clients in the largest business sector in the Americas. The new practice will bring together our differentiated solutions and services to support the distinct needs of the financial services industry.”
The JLL group will be involved in research and consulting, real estate transactions, overall portfolio strategy, workplace design and facility operations, among other functions, the company said. Its focus also will include sustainability, integrated technology, data security and risk management.
Magnano, who has more than 26 years of industry experience, works out of New York and the Washington, D.C., area.
He joined JLL in 2021 as the global account executive for JLL’s Bank of America account, where he led a team of more than 1,200 employees, according to JLL. Previously, Magnano was a senior vice president of enterprise services at Capital One.
Wrench, who has worked more than 27 years in real estate, is based in New York.
Most recently, he was a principal in the solutions development team serving banking and financial services firms in the city. Wrench previously has held leadership roles in Hong Kong and London, according to JLL, including with BNP Paribas.
“This is an incredibly exciting time to be supporting our financial services clients,” Wrench said in the statement. “Changes in the way we work, the importance of [diversity, equity and inclusion] in our communities and the increasingly complex regulatory framework surrounding climate risk requires delivering an integrated approach grounded in the best technology. Combining JLL’s expertise across services and geographies with a team devoted to helping our financial services clients is energizing, and something I’m proud to help shape with Bobby.”