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Early renewal of largest outsourcing contract demonstrates value of integrated facilities management services
Banking and financial services firm HSBC has extended the assignment for JLL (NYSE:JLL) to provide facilities management services across HSBC's 55 million-square-foot global real estate portfolio for an additional three years beyond the original five-year term. JLL will remain HSBC's global provider until 2021.
The extension to this agreement, the largest global facilities management outsourcing contract in the financial services industry, allows both parties to build on the transformation that has taken place since 2013 and to deliver further savings. JLL's global approach has provided consistent service delivery and global visibility of cost, compliance, and performance. A key factor in achieving these results is the consolidation from 1,300 facilities management (FM) suppliers to one, JLL, covering 97% of the Bank's portfolio.
"We've worked in partnership with HSBC to improve service, lower risk, and reduce costs," said Bill Thummel, Global Account Director. "Employees' satisfaction with the service provided has increased steadily over the past two years, the management and control of key risks has been significantly enhanced, and sustainable savings created for the Bank are in excess of the initial target of USD50m."
"We are able to commit to saving HSBC more money because we can see the value of the data we have collected and the tools we have developed," Thummel added. "This data will help us deliver more efficiently and effectively."
"The decision to extend the contract early is testament to the strength of our partnership and the benefits that HSBC is already seeing as a result," said Colin Dyer, President and CEO, JLL. "We look forward to continuing to deliver benefits through the comprehensive services our talented team provides HSBC."
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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