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News release

Mountlake Terrace, WA.

Jones Lang LaSalle Closes Sale of Creekside Village in Suburban Seattle

Sale marks one of largest trades in Puget Sound in 2011


MOUNTLAKE TERRACE, WA, July 5, 2011 – Jones Lang LaSalle today announced the firm’s Capital Markets experts have closed the sale of Creekside Village in Mountlake Terrace, Washington.  Holland Residential purchased the 512-unit property, located just 15 minutes north of downtown Seattle in South Snohomish County, for $62 million—making it one of the largest sales in Puget Sound so far in 2011.

Leading the Jones Lang LaSalle team on this transaction was Managing Director David Young.

“We had no shortage of investors interested in Creekside Village,” said Young.  “The Seattle area has seen tremendous growth over the past few years and the rents are rising in correlation with that growth.  Holland Residential plans to do a full renovation and repositioning of the property going forward, making Creekside Village one of the standouts in its Pacific Northwest portfolio.”

Creekside Village has 512 apartment units within 24 residential apartment buildings, as well as one residential/leasing building.  The property sits on approximately 43 acres at 4208 236th Street SW, just two miles from Interstate 5, where a large commuter station is located.  Floor plans include one, two and three bedrooms.  The property also offers numerous amenities including a fitness center and two outdoor swimming pools.

Jones Lang LaSalle has worked aggressively to bolster the firm’s national multifamily practice during the past two years, investing in more than 60 new hires in this sector alone.  The team has more than $4.6 billion in total deal activity in the market, with nearly $1.5 billion closed already in 2011.
 
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 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.