JLL Forms Dedicated Data Center Practice
The firm’s valuation advisory group has promoted Stuart Miller to lead the team as demand for the alternative asset class grows.
CHICAGO, IL – JLL’s valuation advisory group has formed a new team dedicated to data centers, due to the demand surrounding the alternative asset type.
The firm has promoted SVP Stuart Miller to lead the dedicated practice.
The new team will handle valuations for secured lending advisory, portfolio valuation, financial reporting and purchase price allocations. The team is currently working with more than 30 property national portfolios on behalf of a variety of clients, including international REITs and hyper-scale providers.
“Alternative real estate asset classes like data centers have been the darlings of commercial real estate for the last few years, propelling both user and investor demand for data centers to new heights in 2021,” states Tony Lenamon, head of JLL valuation advisory for the Americas. “Having a dedicated valuation advisory group led by Stuart to is allowing us to serve the growing needs of our clients who are already data center owners or looking to be part of this strong-performing sector.”
As part of JLL’s broader data center and real estate picture, the dedicated data center practice provides appraisals, acts advisors in risk assessment and provides market intel for the alternative real estate asset class, which is rapidly gaining investor interest.
In his new role, Miller is working to build and train the data center team in order to continue to grow the sector for the firm.
“So many JLL clients touch the data center sector and we want to be able to better support those client needs,” says Miller. “Over the past several years, we have seen more and more requests for valuations and advisory services in the data center sector, from enterprise owner-operators looking at dispositions as they migrate to colocation or cloud-based options to investors new to the data center market seeking intelligence on potential new deals and colocation operators opening business in a new market.
Miller adds, “The data center sector touches nearly every business and so many other segments of the real estate industry. We needed a dedicated team specialized in the data center sector to meet all these needs and provide the insight our clients are looking for.”
Based in Dallas, Miller holds more than five years of experience in valuation and consulting on data centers. He has handled assignments for multiple Fortune 100 technology companies, investors, national banks, lenders and owner-operators.