The man who led JLL's push to become the most tech-forward global commercial real estate brokerage is exiting the firm next year.
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Mihir Shah, the CEO of JLL Technologies, has reached a separation agreement with JLL to depart his position on April 1, 2027, and collect a severance package worth more than $3.6M, the company disclosed Wednesday in a Securities and Exchange Commission filing.
Shah is retiring from JLL and will remain CEO until a successor is named, then stay on in an advisory position until his last day, a JLL spokesperson told Bisnow in a statement.
“Mihir has been instrumental in shaping JLL's technology, data and AI work, and is committed to ensuring a smooth transition of these important initiatives,” the spokesperson said. “We’d like to thank him for his exemplary contributions to JLL.”
A Silicon Valley veteran who co-founded Mob.ly, which was acquired by Groupon in 2010, Shah joined JLL’s proptech investment platform, JLL Spark, in 2017 as co-CEO.
Two years later, JLL named him co-CEO of JLL Technologies, a tech consulting group that is integrating vast troves of real estate data with artificial intelligence-driven applications. Shah was also appointed to the company's global executive board.
During his tenure leading JLL Technologies, Shah created AI agent platforms “to deliver value to our clients and really transform the industry,” he said during a 2024 interview with NYSE TV. Shah launched JLL Falcon, the brokerage giant’s AI platform, and was working on more than 60 AI applications, including JLL GPT and JLL Azara AI assistants, he said at the time.
JLL didn't respond for comment as of press time.
Shah will receive 54 weeks of severance totaling $675K, another $590K pro-rated from JLL’s annual incentive plan and an additional one-time payment of $2.4M.
JLL's stock, like the other publicly traded brokerages, plummeted early in the year because of fears of artificial intelligence's impact on white-collar services businesses. Its stock recovered and then some during the summer after nearly doubling its profits in the second quarter, although shares have slipped in recent weeks amid the run-up in interest rates.
UPDATE, OCT. 1, 2:15 P.M. ET: This story has been updated to include a statement from a JLL spokesperson.
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