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News release


Jones Lang LaSalle Closes Sale of St. Louis Trophy Mall

Plaza Frontenac purchased by JV between GGP and CPPIB

ST. LOUIS, Sept. 22, 2011 — Jones Lang LaSalle today announced the firm’s Capital Markets experts have closed the sale of Plaza Frontenac on behalf of Davis Street Properties.  The 482,000-square-foot Trophy Class A mall was purchased by a joint venture between General Growth Properties, Inc. (GGP) and Canada Pension Plan Investment Board (CPPIB).  It is one of just nine malls in the world that is anchored by both exclusive retailers Neiman Marcus and Saks Fifth Avenue.

Leading the Jones Lang LaSalle team on this transaction was Managing Directors Dave Doupe´, Kris Cooper and Margaret Caldwell.

“This luxury high-end property received an intense amount of interest from a wide variety of investors as it boasts in-line shopping sales of approximately $500 per square foot,” said Doupe´.  “This strategic purchase will allow GGP and CPPIB to expand their footprint in the St. Louis and further solidify their standing as two of the premiere mall owners and operators in the world.”

Plaza Frontenac is a two-level, 482,066-square-foot mall, including four out parcels, located at the intersection of Clayton Road and Lindbergh Boulevard in the heart of the city’s wealthiest trade areas. Originally completed in 1974, the property was extensively renovated in 1994. The mall is 96% leased/  Beyond Neiman Marcus and Saks Fifth Avenue, the property is home to such luxury brands as Tiffany, Coach, Louis Vuitton and Kate Spade, to name a few.  The property also has future expansion potential at the south end of the site.

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 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 GGP
GGP is one of the nation's largest shopping center owners. GGP has ownership and management interest in 166 regional and super regional shopping malls in 43 states. The company portfolio totals 169 million square feet of space. A publicly-traded real estate investment trust (REIT), GGP is listed on the New York Stock Exchange under the symbol GGP.

About Canada Pension Plan Investment Board
The Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPPIB invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, the CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2011, the CPP Fund totaled C$153.2 billion. For more information about CPPIB, please visit

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 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, 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. For further information, please visit our website,