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News release

New York, NY.

Jones Lang LaSalle Completes 50,000-SF Renewal for Gagosian Gallery at 980 Madison Avenue

Art gallery renews occupancy on entire fourth floor, portion of fifth floor, entire sixth floor at Class A, 90,882-SF office building


NEW YORK, April 12, 2011 — Jones Lang LaSalle has completed a lease renewal for Gagosian Gallery at 980 Madison Avenue in Manhattan with RFR Realty LLC. The art gallery signed for slightly more than 50,000 square feet of space for 10 years at the 90,882-square-foot, Class A office building.

The tenant was represented by Scott Panzer, vice chairman, Steven Rotter, vice president, and Jeff Fischer, associate, all with Jones Lang LaSalle’s New York office. The building owner, RFR Realty LLC, was represented in house by Aby Rosen.

"Jones Lang LaSalle was able to provide critical market intelligence to Larry Gagosian that allowed him to make an informed decision about the future of his flagship art gallery,” said Panzer. “That information also allowed us to negotiate a beneficial transaction for Gagosian Gallery in its renewal at 980 Madison Avenue.”

Gagosian Gallery signed a renewal for more than 50,000 square feet at 980 Madison Avenue, which is located between East 76th and East 77th streets. The art gallery will continue to occupy the entire fourth floor, a portion of the fifth floor and the entire sixth floor at the building.

Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,700 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2010, the New York tri-state team completed approximately 17 million square feet in lease transactions, completed capital markets transactions valued at $861 million, managed projects valued at more than $5.8 billion, and oversaw a property and facilities management portfolio of 83.5 million square feet.

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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