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News release

Phoenix, AZ.

Jones Lang LaSalle Chosen to Lease Kierland One, One of the Largest Blocks of Contiguous, Vacant Class A Office Space in Phoenix/Scottsdale

New Owner Allocating Institutional Capital to Campus, Tenant Improvements


PHOENIX, April 4, 2011 – Jones Lang LaSalle has been named the exclusive leasing agent for Kierland One, a four story, 178,549-square-foot office building located in Scottsdale’s coveted Kierland submarket, with one of the largest blocks of contiguous, vacant Class A office space in Phoenix or Scottsdale.

Managing Directors Don Mudd and John Bonnell, and Vice President Brett Abramson, in the Phoenix office of Jones Lang LaSalle, are the new agency leasing brokers for the building.

“Phoenix office lease rates are stabilizing, but they remain at decade lows. With no new construction on the horizon, we’re now experiencing interest in large blocks of space in optimally located Class A buildings,” said Mudd. “Forward-thinking tenants with lease expirations anywhere from 2011 to 2014 are taking advantage of today’s fundamentals. A limitation on large block vacancies is not that far off.”

“This is the perfect building—with the perfect owner—for that jump,” added Bonnell. “It’s an untapped resource that now has the support of institutional capital. That makes it very valuable.”

Located at 16430 N. Scottsdale Road, just south of Frank Lloyd Wright Blvd. in Scottsdale, Kierland One enjoys features that make it appealing for large tenants, including floorplates averaging approximately 48,000 square feet and a higher-than-average 5.5 parking spaces per thousand square feet of rentable space. 

The property is now under new management by Cornerstone Real Estate Advisers LLC, a Connecticut-based member of the MassMutual Financial Group. On behalf of its institutional investors, Cornerstone is investing in strategic upgrades to the property’s common areas and significant tenant improvements that maximize its appeal to Class A tenants.

“This is an institutional-quality building that needed an institutional-quality line-up of service providers,” said Cornerstone Asset Manager Sandy Throop. “This team, and our commitment to upgrade the property to exceed market standards, will make this building among the most competitive and attractive in the Kierland submarket.”

The Kierland One team includes owner/manager Cornerstone Real Estate Advisers, the Jones Lang LaSalle leasing team and property manager CBRE.

A dedicated property website is underway (www.kierlandone.com), as are iPad® and 360-degree video tours. A marketing center with a pre-built suite is also planned for completion in the third quarter of 2011. 

Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing 344 of the area’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2010, the Phoenix team completed 3.2 million square feet in lease transactions, directed $60 million in project management and currently has 13.5 million square feet under management.
 
About Cornerstone
 
Cornerstone Real Estate Advisers LLC, with offices in the US, UK, Europe and Asia, is one of the world's largest real estate investment advisers.  It provides core and value-added investment and advisory services, including a comprehensive suite of real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe.  Cornerstone is a member of the MassMutual Financial Group.  Cornerstone has assets under management totalling more than $30 billion.  For more information, visit www.cornerstoneadvisers.com.
 
About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.

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