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News release

Houston, TX

HFF Closes Sale and Jones Lang LaSalle Secures JV equity for CityCentre Properties in Houston

LaSalle Investment Management is new JV partner in CityCentre Two and Three


HOUSTON, Sept. 17, 2011 – HFF announced today that it has closed the sale of CityCentre II, a 149,827-square-foot, mixed-use property within the 1.8 million-square-foot CityCentre development in Houston, Texas.  The sale was completed on behalf of a partnership between an affiliate of Midway Companies and a proprietary fund managed by L&B Realty Advisors.   
Concurrently, Jones Lang LaSalle arranged the joint venture equity for the acquisition of CityCentre II, as well as for the development of CityCentre III.  Working on behalf of the Midway Companies, Jones Lang LaSalle arranged a new ownership / partnership between LaSalle Investment Management, Inc. and Midway Companies via a single investment vehicle.
 
CityCentre II is comprised of 128,499 square feet of office space plus 21,328 square feet of ground floor retail space.  The six-story property, which was completed in 2009, is 90.2 percent leased to tenants including BB&T Corporation, SEACOR Holdings, Cargill, Inc. and The Tasting Room. 
CityCentre III is also slated to be a mixed-use development project and is scheduled to be completed in late 2012. 
 
CityCentre III will be comprised of 103,000 square feet of office space plus 17,000 square feet of ground floor retail space.  The six-story property is 44.3 percent pre-leased to tenants including Texas A&M, LLOG & Montco.
 
The HFF team representing Midway Companies and L&B Realty Advisors was led by senior managing director H. Dan Miller and associate directors Martin Hogan and Trent Agnew. 
The Jones Lang LaSalle team representing Midway Companies was led by Executive Managing Director Tom Fish, Executive Vice President James Tramuto and Senior Vice President Robby Zorich.
 
Midway Companies, based in Houston, is a privately owned fully integrated real estate development and investment firm that was originally started in 1968.  The Midway portfolio of projects completed and/or underway consists of approximately 32 million square feet of properties in 22 states and northern Mexico ranging from mixed-use environments; office and industrial facilities; including corporate headquarters, business and industrial parks, medical and laboratory facilities, and manufacturing facilities; hospitality; multi-family; and master-planned residential communities.  www.midwaycompanies.com.

L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor. Since 1965, L&B has provided real estate investment management services to institutional investors and family offices. With $4.4 billion under management and 46 years experience, L&B has a proven track record of successfully acquiring, managing, and disposing real estate on behalf of its clients.  www.lbrealty.com.
 
LaSalle Investment Management, Inc. is one of the world’s leading real estate investment managers. With nearly 700 employees in 17 countries worldwide, the firm manages $47.9 billion (as of Q2 2011) of private and public property equity investments.  www.lasalle.com.
 
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 70 countries from more than 1,000 locations worldwide, including 200 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, Inc., the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $45.3 billion of assets under management. www.joneslanglasalle.com.
 
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing.  www.hfflp.com.