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News release

Houston, TX.

Jones Lang LaSalle Secures $42 Million in Financing for Houston Office Property

Non-recourse, fixed rate loan secured through Cornerstone Real Estate Advisors


HOUSTON, Apr. 25, 2011 – Jones Lang LaSalle announced today its Capital Markets professionals have secured a $42 million senior mortgage loan for M-M Properties to finance 919 Milam in Houston, Texas.  The debt is comprised of $35 million in initial funding and up to $7 million for tenant and capital improvements.  The 542,919-square-foot, 24-story Class A office building is located in the heart of Houston’s Central Business District.
 
Leading the Jones Lang LaSalle team on this transaction was Co-Heads of the Real Estate Investment Banking team and Executive Managing Directors Mike Melody, Tom Fish and Managing Director Paul House.

“At an occupancy rate of nearly 80 percent, 919 Milam provides a value add opportunity for M-M to increase tenancy as well as the ability to capitalize on in-place rents that are significantly below market rates,” said Melody.  “We secured a great deal of interest from a number of U.S.-based opportunistic lenders.”

The property known as 919 Milam occupies an entire city block bound by Travis, Walker, Milam and McKinney Streets. It is conveniently located near all of downtown Houston’s amenities, including restaurants, hotels, retail, city parks and public parking. Additionally, the property is directly above the primary hub of Houston’s downtown tunnel system, which connects more than 40 million square feet of retail and other amenity space.
 
About M-M Properties

Houston-based M-M Properties, with offices in Fort Worth and Los Angeles, is a privately held real estate investment firm active in both office and multifamily investment and development.  M-M Properties owns and manages over 2 million square feet of office space in downtown Houston, in addition to a pending 222-unit multifamily development project on Washington Avenue near downtown and an existing 400-unit Class-A multifamily property in Houston’s Energy Corridor.

In 2010, Jones Lang LaSalle’s Capital Markets solidified its position as the market leader in real estate investment banking, closing more than $8 billion in debt and equity financings, note sales and advisory transactions, including nearly $4.5 billion in note sales alone due to the efforts of the Special Asset Services group.

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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