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News release

Washington, D.C.

Jones Lang LaSalle Secures $17.5 Million in Financing for Courtyard Marriott Springfield

Loan secured through Northwestern Mutual Life


WASHINGTON, D.C., June 20, 2011 – Jones Lang LaSalle today announced its Capital Markets experts have secured a $17.5 million loan for Regua Limited Partnership’s Courtyard by Marriott Springfield (Courtyard Springfield).  Built in 2001 and located at 6710 Commerce Street in Springfield, VA, the 191-unit property consists of 107,771 total square feet and was recently renovated. The firm secured the 7 year fixed rate non-recourse loan from Northwestern Mutual Life.

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

“There was substantial life company interest as a result of the property’s outstanding track record and strong sponsorship,” said Goldstein.  “The hotel is a market leader and benefits from the government contracting sector due to its close proximity to Fort Belvoir.  Demand will only increase with the opening of the new 2.4-million-square-foot headquarters for the National Geospatial Intelligence Agency, which is just down the road.” 

The Courtyard Springfield is located in the heart of Springfield at the intersection of I-95, I-495 and I-395, and is in close proximity to the Franconia-Springfield Metro station.  The hotel includes a newly renovated lobby and guestrooms, a new restaurant and convenience market, a brand new fitness center and pool, and nearly 2,200 square feet of meeting room space. 

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.