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News release

Everett, WA.

Jones Lang LaSalle Markets Seattle-Area Office Complex in Sale-Leaseback

Partially leased to Frontier Communications, the property offers significant upside potential for investors


EVERETT, Wash., June 22, 2011 – Jones Lang LaSalle today announced that Frontier Communications Corporation (NYSE: FTR) has chosen the firm to market a two-building, 290,000-square-foot office complex in Everett, Washington for partial-sale leaseback.  The property, just 30 minutes north of Seattle, consists of one four-story and one six-story tower.  Frontier Communications will hold a long-term lease for a majority of the larger tower.

Leading the Jones Lang LaSalle team on this transaction are Managing Directors Michel Seifer and Paul Lee, Senior Vice President Rob Hielscher and Vice President Cheri Pierce.
 
“With a high-quality, nationally known, S&P 500 tenant such as Frontier, a new owner will be able to capitalize on strong, stable cash flow on a sizeable portion of the property,” said Seifer.  “We expect this to appeal to a wide variety of investors who want to realize a significant upside potential through a lease of the vacant space.”

Added Lee, “As the home to such notables as The Boeing Company’s commercial aircraft manufacturing facility and the homeport of the USS Nimitz Carrier Strike Group, the city of Everett is vital to the Northwest regional economy and features both low vacancy and positive absorption.  In fact, the entire Puget Sound region has withstood the recession remarkably well and is currently considered one of the most dynamic real estate investment markets in the country.”

Originally built as the Northwest regional headquarters for GTE, the property at 1800 41st Street sits on nearly 23-acres and is across from Interstate 5.  The two towers are connected by a glass atrium lobby and the property features a full-service kitchen, employee dining room, basketball court and outdoor seating areas.  

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. Jones Lang LaSalle’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.

About Frontier Communications

Frontier Communications Corporation (NYSE: FTR) is the largest provider of communications services focused upon rural America.  It is included in the S&P 500 Index and offers voice, High-Speed Internet, satellite video, wireless internet data access, data security solutions, bundled offerings, specialized bundles for small businesses and home offices, and advanced business communications for medium and large businesses in 27 states with approximately 14,900 employees.  It has a 100 percent U.S.-based workforce.  More information is available at www.frontier.com and www.frontier.com/ir.

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.