Skip Ribbon Commands
Skip to main content

News release

Washington, D.C.

Jones Lang LaSalle Closes Sale and Financing of Liberty Place in Washington, D.C.

Paramount Group purchases trophy building from Beacon Capital

WASHINGTON, D.C., June 23, 2011 – Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale and financing of Liberty Place in Washington, D.C.’s East End Penn Quarter district.  Paramount Group purchased the landmark trophy building from Beacon Capital.  The team also secured a senior mortgage loan from a life company.

Leading the Jones Lang LaSalle team on this transaction was Managing Directors Wes Boatwright and Steve Collins, Senior Vice Presidents Jim Molloy and Jon Goldstein and Vice President Jim Gladden.  Former Jones Lang LaSalle brokers John Kevill and Collins Ege also worked on the sale.

“Liberty Place offers one of the most attractive locations in D.C.--immediately off Pennsylvania Avenue equidistant from the White House and Capitol Hill,” said Molloy.  “Couple that with the unmatched amenity base of the Seventh Street corridor and its superior government affairs tenant roster, the asset was very appealing to investors.”

Added Boatwright, “With approximately 100,000 square feet of tenant space set to rollover within the next four years, Liberty Place offered investors significant near-term upside.  Lenders all over the world were clamoring for a chance to finance this phenomenal property, but as we’re seeing more and more lately, it’s life companies that are coming up with the best terms.”

Additionally, Jones Lang LaSalle’s Agency Leasing team, including Managing Director Trip Howell and Senior Vice President Amy Bowser, has been hired as the leasing agent for Liberty Place.
"Liberty Place is in the heart of the dynamic Penn Quarter, one of Washington's strongest submarkets,” added Howell.  "Given its location and the quality of the property, it is a preferred address for corporations and association doing business in this city."

The 169,542-square-foot, 12-story landmark trophy property is located at 325 7th Street NW.  It was built in 1991 and incorporated with the Fireman’s Fund Building.  Liberty Place views of Pennsylvania Avenue and iconic Washington landmarks and is currently 94 percent leased.

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 Beacon Capital Partners

Beacon Capital Partners, LLC is a Boston-based real estate investment firm with a skilled team of real estate professionals experienced in acquisitions/dispositions, asset management, development, finance and accounting. The Company was formed in 1998, and is led by Alan Leventhal, Chairman and CEO.
About Paramount Group,  Inc.

With 13 million square feet of Class “A” commercial office buildings in Midtown & Downtown New York, Washington D.C. & San Francisco, over 40 years of proven expertise across a variety of real estate disciplines, markets and phases of the market cycle, along with its affiliation to a multi-billion-dollar conglomerate of international companies, Paramount is a trusted, respected and internationally recognized partner.  The company employs a hands-on, high energy management philosophy, implemented by a goal-oriented and highly experienced Executive team which provides the Trophy buildings and Seven Funds with a competitive advantage in sourcing transactions and executing its investment strategy. As a founding member of The Greenprint Foundation and proactive in global environmental endeavors committed to reducing the carbon footprint of the built environment, the firm is well known for its eco-friendly practices and is USBC-recognized for landlord leadership in sustainability. For additional information, please visit
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,