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News release

NEW YORK, NY

Jones Lang LaSalle Closes Sale of Park Avenue Apartment Building for $253 Million

Iconic luxury property, 737 Park Avenue, sells for the first time in 65 years


NEW YORK, Aug. 9, 2011 — Jones Lang LaSalle today announced its New York Capital Markets team has closed the sale of the iconic luxury building, 737 Park Avenue, in New York City on behalf of Katz 737 Corporation.  The 103-unit residential property was purchased by Harry Macklowe for $253 million.

Leading the Jones Lang LaSalle team on this transaction were Vice Chairmen Jon Caplan, Richard Baxter, Yoron Cohen, Scott Latham and Executive Vice President Glenn Tolchin.
“This exclusive Park Avenue building is one of the finest New York City has to offer, and garnered intense interest from investors, as pre-war residential rental buildings in premier locations are almost unheard of,” said Caplan. “This was the first time in more than 65 years that this property has been on the market.”

Built in 1940 and designed by noted architect Sylvan Bien, 737 Park Avenue is located at the northeast corner of East 71st Street and Park Avenue, directly across the street from two of Manhattan’s most exclusive cooperative apartment buildings, 720 and 740 Park Avenue.  Many investors were excited by the potential to convert 737 Park to condominiums, as other vintage, luxury apartment buildings in this most desirable section of Park Avenue are cooperative buildings.

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 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 $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.