Brokerage firm JLL has named Mark Kreisman as its new global financial services division president, overseeing about 10,000 executives in a business line that advises banks on their real estate.
Kreisman, based in Chicago where JLL has its headquarters, took the helm Monday from Bobby Magnano, who was promoted earlier this year to president for the eastern United States and a member of the U.S. leasing advisory executive committee. The division was launched in December 2022 to help major financial services firms, including HSBC and Webster Bank, with their property portfolios in the wake of the pandemic.
Kreisman has had an 18-year career at JLL, following years working in financial services. Most recently, he was global head of corporate real estate and oversaw JLL's global property portfolio across more than 80 countries. Now one focus is on finding ways to keep expanding the use of artificial intelligence.
"Financial services clients are at the forefront of AI adoption, with many having [used] AI over the past several years," Kreisman said. He added that he uses AI as a tool in his business and personal life on a daily basis — a practice he and JLL encourage to help executives as they guide financial services firms.
Kreisman, in his new role, will lead a team advising on 1 billion square feet of global real estate tied to financial services firms that include banks, fintech and insurance clients. About 91% of financial services firms are using AI — a jump from the 65% of financial services firms reported from last year, according to JLL. And 31% of corporate real estate leaders expect tech budgets to grow by more than 15% in the next three years, the firm said.
The AI adoption has only cemented the need for artificial intelligence to be rooted in real estate, he said, pointing to the office leasing rebound in San Francisco tied to the growth of AI firms. In the financial services sector, Kreisman said, the biggest hurdle to adopting AI is ensuring the tools can be leveraged in a regulated industry.
Kreisman will report directly to JLL Americas CEO of Work Dynamics Sanjay Rishi, who is also head of global industries for JLL. Rishi said in a statement that Kreisman's "deep industry expertise," coupled with strategic vision and track record, makes him the ideal leader to steer the financial services division through its "next phase of growth."
Even as technology evolves, Kreisman said he still sees the real estate industry moving full circle.
"Early in my career in financial services, there was a focus on retail banking," he said. "And it's certainly coming back. Banks are still focused on their banking retail footprint."