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News release

Phoenix, AZ.

Jones Lang LaSalle Secures $27 Million in Acquisition Financing for The Shade at Desert Ridge in Phoenix

Non-recourse, fixed-rate loan secured through Hartford


PHOENIX, June 6, 2011 – Jones Lang LaSalle announced today its Capital Markets professionals have secured a $27 million senior mortgage loan for LaSalle Investment Management (“LaSalle”) to finance the acquisition of a multifamily property known as The Shade at Desert Ridge in Phoenix, Arizona.  The 342-unit property consists of 14, two- and three-story buildings in the North Phoenix submarket.  It was purchased in an all-cash transaction by LaSalle in September 2010.  The firm secured the non-recourse, fixed-rate loan with flexible pre-payment options through an affiliate of Hartford Investment Management Company.

Leading the Jones Lang LaSalle team on this transaction was Managing Director David Hendrickson and Senior Vice Presidents Keith Largay and Chuck Hoag.

“The Phoenix multifamily market is rapidly improving,” said Hendrickson.  “LaSalle saw an opportunity to acquire a strong asset in a recovering market, and Hartford had the same mindset when it comes to financing.  The lender’s flexible terms were extremely helpful in closing this deal, especially in dealing with a complicated ground lease structure.”

The Shade at Desert Ridge has won several awards, including Multifamily Executive’s Project of the Month, Best Rental Community from the National Association of Home Builders and the Pacific Coast Builders Conference 2007 Golden Nugget Award for Best Low-Rise Apartment Project.  Built in 2006, the property is located at 21150 N. Tatum Boulevard.  It is currently 96 percent occupied.

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 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.