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News release

Boston, MA.

Preston Redevelopment Agency Names Jones Lang LaSalle to Riverwalk Project


BOSTON, May 19, 2011 — The Preston Redevelopment Agency (PRA) has contracted Jones Lang LaSalle to provide an economic and market analysis for the redevelopment and disposition of Preston Riverwalk, a 390-acre riverfront campus in Preston, CT. Owned by the Town of Preston, Jones Lang LaSalle has begun work with civil and environmental consulting engineering firm Fuss & O’Neill, Inc. to produce a master regulating plan for the property.

"Jones Lang LaSalle is a great addition to our team,” said Sean Nugent, Preston Redevelopment Agency Director of Site Design and Development. “They bring much needed experience, understanding and insights in economic and marketing analysis so that we can successfully market and develop Preston Riverwalk. We are excited to have Eamon, Michael and the rest of their team working on our behalf."

According to Jones Lang LaSalle Senior Vice President and Project Manager Eamon O’Marah: “The Preston Riverwalk site has great potential. We are determined to provide positive results for the planning and positioning of this unique property to enable a successful redevelopment.” Joining Eamon on the Jones Lang LaSalle team is: Managing Director Michael Smith, Senior Vice President Michael Connelly, Vice President Michael Lamphier, and Analyst Rebecca Herbst.

The former Norwich State Hospital site is a prime location across Connecticut’s Thames River from Mohegan Sun Casino. It is situated at the epicentre of the Southeast Connecticut Tourism Region, on the direct route to Foxwoods Resort Casino. The campus has frontage on the Thames, and long views to Long Island Sound. More than half of the property is undeveloped. A forested hillside surrounds the reservoir.

Over the past 100 years, 140 acres of the 390-acre site were developed extensively as part of the Hospital property. The mostly flat terrain is interspersed with existing infrastructure, public utilities, a 500-foot deep water pier, an active railroad, and connector to I-91. In 2009 the Town of Preston purchased the the site from the State of Connecticut.

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 $43 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.