JLL and bp Sign New Workplace and Real Estate Solutions Deal

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24 November 2020

Professional services firm JLL is to continue its relationship with bp, providing workplace and real estate solutions to support bp's net-zero ambitions.

The Vested® agreement, a model which features a highly collaborative relationship in which both parties are equally committed to each other's success, means JLL will provide real estate portfolio management services across 200 bp sites globally from January 2021.

Having worked in partnership for over a decade, JLL and bp will focus on net-zero carbon ambitions, employee engagement, real estate portfolio management and workplace management. 

"This Vested® relationship is breaking new ground and will become a new benchmark for the industry."

–Mark Caskey

EMEA CEO Corporate Solutions, JLL

The workplace management will be launched in phases and preparations are underway for the first phase to begin in spring 2021.

Mark Caskey, EMEA CEO Corporate Solutions, JLL said: "This agreement will create the modern sustainable workplace environment bp needs to support its transformation to an integrated energy company. It will foster integration and collaboration, provide inspiration and attract new talent. This Vested® relationship is breaking new ground and will become a new benchmark for the industry." 

Neil Murray, CEO Corporate Solutions, JLL added: "We are delighted to work with bp and help achieve their transformation and net-zero carbon ambitions. We add the most value when we work in partnership with our clients, and this landmark agreement will enable us to create new, shared value through efficiency, innovation and sustainable solutions."

A New Hybrid Working Style?

In August this year, ThisWeekinFM reported that bp was considering closing half of its properties in some locations, in a move towards flexible working for its 50,000+ office-based employees.

bp currently leases over six floors of office space at 20 Canada Square, E14, with the lease due to expire in 2024. The Financial Times today reported that bp is considering selling its St James' Square headquarters for almost £250m to a Hong Kong-based investor.

It is thought that the company, in line with its net-zero plans, will prioritise smaller office spaces and hybrid working with less reliance on bricks and mortar working spaces.

Picture: a photograph of a close up of a skyscraper building

Article written by Ella Tansley | Published 24 November 2020

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