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News release

NEW ORLEANS, LA

MetLife Sells One Shell Square in New Orleans to CommonWealth REIT for $102 Million

Jones Lang LaSalle facilitates largest major office property sale since Hurricane Katrina


NEW ORLEANS, Oct. 10, 2011– Jones Lang LaSalle’s capital markets experts have completed the sale of the 1.25-million-square-foot office building One Shell Square in New Orleans on behalf of Metropolitan Life Insurance Company.  A public REIT purchased the 51-story, Class AA office tower which is located in the Central Business District in New Orleans, Louisiana, for $102 million. This offering represents the largest office property sale since Hurricane Katrina hit the region in 2005.
 
Managing Directors Evan Stone, Jack Crews and John Alvarado of Jones Lang LaSalle’s Capital Markets team completed assignment. The trio are investment sales leaders in New Orleans having completed the sale of nine of the largest asset sales in New Orleans in the past 10 years.
“When we brought this asset to market we know we could capitalize on the influx of investors looking to place capital beyond the core cities and into high performing assets like One Shell Square. This is one of the most prestigious office towers in New Orleans and the value of asset remains strong considering today’s economic environment,” said Stone.
One Shell Square is 88 percent leased to an impressive tenant roster including the Gulf Coast headquarters for Shell Oil, a wholly owned subsidiary of AA credit rated (Standard & Poor's) Royal Dutch Shell, which leases 50 percent of the Property until December 2016.

“The strong tenancy in place at the property appealed to the buyer given Shell Oil’s occupancy, as well as the other notable law offices, accounting firms and engineering firms,” added Crews.

One Shell Square sits at the corner of Poydras Street and St. Charles Street, the most prestigious location in the city. The property is also near several government buildings and courthouses, including the Hale Boggs Federal Building / U.S. Court House, the John Minor Wisdom U.S. Court of Appeals (Fifth Circuit) and the F. Edward Hebert Federal Building. It is within walking distance to City Hall, the State Supreme Court and the Medical Center. The world renowned French Quarter and trendy Warehouse District are only a few blocks away. This Skidmore, Owings and Merrill designed Property is clad in a handsome Italian travertine and bronze glass exterior.
 
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our 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 an unaudited total of more than $41 billion in investment transactions and debt and equity 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. Our Capital Markets team comprises approximately 800 specialists, operating in 180 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.