CHICAGO- Constellation Real Technologies, formerly known as Project Constellation, has made its first investment, a $25-million deal with Atlanta-based e-procurement concern Commercial real estate giant Jones Lang LaSalle, which is part of the 11-member consortium of real estate heavy-hitters that make up Constellation’s backers, says that its $30 million investment in e-procurer SiteStuff does not conflict with the FacilityPro investment.

“Our initiative with SiteStuff , which we are undertaking along with our partners CB Richard Ellis and Trammell Crow, is a vertical initiative, which means we will be using it to bring operating cost savings at Jones Lang LaSalle,” says Mark Rose, chief innovation officer at Jones Lang LaSalle. “At Constellation we are simply investors. Constellation will be making a broad range of investments related to real estate technology development.”

While Rose sees no conflict for Jones Lang LaSalle, and Austin, TX-based are likely to become fierce competitors in the emerging market for electronic purchasing of real estate goods and services, or e-procurement. Mark Rose’s boss, Bill Sullivan, newly appointed e-business chief at Jones Lang LaSalle, recently told that he expects his firm will save as much as 15% on annual procurement costs with the SiteStuff initiative.

Constellation Real Technologies, whose leading members include Midwest REIT behemoths Simon Properties and Equity Office and Residential REITS, is capitalized at $135 million. Morgan Stanley Dean Witter, which is both an investor in and advisor to Constellation, is seeking out a management team for Constellation, which is expected to be based in San Francisco.

Other investors in Constellation, which is essentially an investment vehicle for the partners, are CB Richard Ellis, Trammell Crow, AMB Property, Kaufman & Broad and Chase Manhattan Bank

For related news, click on:Major Players Keep Feeding Web Ventures to Streamline Operations and Management

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.