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News release

Palo Alto, CA.

Jones Lang LaSalle Closes Sale of Prime Palo Alto Office Building for Embarcadero Capital Partners

Fully leased Class A office building generates exceptional investor interest


PALO ALTO, CA, Apr.  25, 2011 – On behalf of Embarcadero Capital Partners, Jones Lang LaSalle today announced it has closed the sale of 100 Hamilton Avenue, a Class A office building located in Downtown Palo Alto, California.  The four-story, 71,827-square-foot building was purchased by RREEF on behalf of an institutional client.  It is 100 percent leased to three institutional-quality tenants with an average remaining lease term of six years.

Leading the marketing team on this transaction were Managing Director Michel Seifer and Senior Vice President Rob Hielscher. 

“There was a tremendous amount of national and international investor interest in this property due to its outstanding location in one of the nation’s strongest office markets, high asset quality and income stream security,” said Seifer.  

The Silicon Valley property is located at the intersection of Alma Street and Hamilton Avenue--two of the main thoroughfares in Downtown Palo Alto--directly across the street from the Palo Alto Caltrain station and less than a mile from Stanford University. One-hundred Hamilton is one of the most prominent and desirable office addresses in Downtown Palo Alto and has a storied history as the location where both the ubiquitous Java platform and AltaVista--the first modern internet search engine--were developed.  The property offers 71,827 rentable square feet of office space and two levels of secure underground parking with 107 stalls.  Embarcadero Capital Partners invested approximately $1.6 million in capital improvements since acquiring the property in 2005.  Two four-story atria provide natural light to the interior of the building, and the property’s corner location provides abundant natural light to the exterior offices.  Amenities include a workout facility, state-of-the-art security system and 14 exterior balconies off the tenant spaces on the second, third and fourth floors.

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. The firm’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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