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News release

Los Angeles, CA.

Jones Lang LaSalle Completes Sale of Redevelopment Project in Los Angeles


LOS ANGELES, April 13, 2011 – Jones Lang LaSalle today announced it has completed the sale of Sunset Pacifica, a vacant, six story mixed-use apartment building located at 17351 West Sunset Boulevard in Pacific Palisades, an affluent district of Los Angeles, California. The purchaser is Sonoma, Calif.-based Nine Mile Investments.

Jones Lang LaSalle’s West Coast Multifamily team of Vice Presidents Patrick Shiver and Javier Rivera, represented US Bank in the transaction.  The buyer was represented by Clark Everitt of Investment Real Estate Associates.

“Our knowledge of the local market enabled us to locate a buyer who saw the upside and potential in this property,” said Shiver.  “Nine Mile Investment will begin immediately on the build-out of 16 luxury apartments units and two commercial condominiums with completion planned for 12 to 24 months.”

Sunset Pacific was constructed in 1983 and includes 68,842 square feet of gross building area. It is within walking distance to world-class beaches and features views of the Pacific Ocean.  Sunset Pacifica is just minutes from Downtown Santa Monica featuring world renowned entertainment, shopping and dining venues.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. Jones Lang LaSalle’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.

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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