JLL appointed Kevin MacKenzie the next president of its Americas Capital Markets division.
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The move, effective Jan. 1, 2025, according to a release, puts a 20-year veteran of the firm who started as an analyst at the top of a business segment that brokerages are expecting to generate strong revenue in 2025 as the sales market comes unstuck.
MacKenzie will take over for Jody Thornton, who after ten years is shifting to a role as the executive chairman for the Americas Capital Markets business.
“Having started as an analyst 20 years ago, I've had the privilege of growing with this company and contributing to its success across various regions and initiatives,” MacKenzie said in a statement. “My career path at JLL is a testament to the strength of our platform.”
MacKenzie was most recently the head of production for JLL’s capital markets department, but he began his career with the firm as an analyst in Dallas in 2004. Along the way, he’s led operations for Los Angeles, the Pacific Northwest and eventually the West region. He joined the executive committee in 2018 and works out of Phoenix.
“Succession has always been a top priority of our firm, and those that show the passion, desire and skill set to lead, will have growth opportunities at this company,” JLL Americas Capital Markets CEO Mark Gibson said in a release. “We are thrilled to have Kevin in this key role.”
As a broker, MacKenzie helped execute more than 900 transactions totaling more than $35B in debt, equity and sales.
JLL posted strong third-quarter earnings, with total revenue up 15% year-over-year to $5.9B. CEO Christian Ulbrich said on the firm’s earnings call last week that the capital markets environment had improved significantly in the last couple months and the firm was expecting a gradual recovery of transaction volumes through 2025.
The firm’s capital markets business generated just under $500M in third-quarter revenue, up 14% from a year prior. The segment has brought in $1.3B in revenue in the first nine months of the year, up only 8% from a year earlier, reflecting how transactions dried up.
U.S. investment sales are up roughly 30% year-over-year, according to its third-quarter earnings statement.
The major brokerages are eyeing steady growth in capital markets as a major driver of revenue in 2025.
Cushman & Wakefield saw its capital market business shrink by 7% in the third quarter, but executives on the firm’s earnings call said they expected the fourth quarter would beat last year’s performance by 20%.
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