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News release

Washington, D.C.

Jones Lang LaSalle Secures $61 Million in Refinancing for Washington, D.C. Office Property

First Washington, D.C. loan for United Overseas Bank Limited (UOB) of Singapore on 1130 Connecticut


WASHINGTON, D.C., May 23, 2011 – On behalf of Penzance, Jones Lang LaSalle today announced its Capital Markets professionals have secured $61 million in refinancing for 1130 Connecticut Avenue, NW in downtown Washington, D.C.  The 12-story office building is located just in the heart of D.C.’s Central Business District, less than five blocks from the White House.  The firm secured the seven-year, non-recourse, floating-rate loan with flexible pre-payment options through United Overseas Bank Limited (UOB) of Singapore. 

Leading the Jones Lang LaSalle team on this transaction was Managing Director Wes Boatwright, Senior Vice President Jon Goldstein and Vice President Jim Gladden.

“Since 2004, when Penzance purchased this property, special focus has been paid to upgrading the tenant roster by improving the building and updating tenant spaces,” said Boatwright.  “These proactive changes made this property very appealing to tenants and allowed Penzance command higher rents.  This repositioning resulted in extremely strong interest from lenders, but it was UOB that came forward with the best terms.  This high-profile loan is a fantastic welcome to DC for this Singapore-based bank.” 

Located across the street from the Mayflower Hotel, the Class A, 218,571-square-foot office building has been owned by a joint venture between Penzance and Greenstreet Real Estate Partners, LP, and managed by Penzance, since 2004.  

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 Penzance

Penzance is a private equity real estate investment company that owns, develops and manages commercial properties. The company focuses on investment grade real estate opportunities in the metropolitan Washington, DC area and has completed more than $1 billion in real estate transactions since its inception in 1997. For more information, please visit www.penzco.com.

About Greenstreet Real Estate Partners, LP

Greenstreet Real Estate Partners, L.P. is an investment and asset management company operating throughout the United States. Greenstreet was established in 2000 to invest its principals' capital and has acquired more than $1.5 billion in real estate assets since inception.

Additionally, Greenstreet provides asset management and development services to support Knowledge Learning Corporation, the nation's leading provider of early childhood education centers. Greenstreet currently owns approximately 800 centers, provides asset management services to almost 1,700 centers, and acquires land for the development of new centers.

About UOB

UOB provides a wide range of financial services through its global network of branches, offices, subsidiaries and associates: personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, insurance and stockbroking services. UOB also has diversified interests in travel and property management. In Singapore, UOB is a market leader in the credit card and private residential home loan businesses. It is also a key player in loans to small and medium enterprises. Its asset management arm, UOB Asset Management, is one of Singapore’s most awarded fund managers with a growing regional presence. 

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firmoffers 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.