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News release

NEW YORK, NY

Jones Lang LaSalle Sells Peck Slip Station for U.S. Postal Service to New York City School Construction Authority for $13.5M

Property slated to become site of new primary public school


NEW YORK, October 28, 2011 — Jones Lang LaSalle has completed the sale of Peck Slip Station, 1 Peck Slip, on behalf of the U.S. Postal Service (USPS) to the New York City School Construction Authority for $13.5 million.

Peck Slip Station encompasses a full block front in Lower Manhattan and is located between Pearl and Water streets in the historic South Street Seaport district. The property consists of a 17,789-square-foot parcel of land with a four-story, 70,800-square-foot building that formerly housed USPS retail and delivery operations.

The USPS was represented by Paul Mas, managing director, and Darin Early, vice president. The School Construction Authority was represented by Howard Kesseler, executive managing director, and Jennifer Schwartzman, senior managing director, with Newmark Knight Frank.

“The sale of 1 Peck Slip to the New York City School Construction Authority is truly a ‘win-win’ transaction that will benefit all parties involved,” said Mas. “Not only did the U.S. Postal Service achieve a fair price for Peck Slip Station but the sale will result in a much needed new school in Lower Manhattan, New York's fastest-growing community.”

In early 2010, the USPS selected Jones Lang LaSalle to market Peck Slip Station through a competitive Request for Proposal process. Following the sale of the facility, the organization will relocate its retail and delivery operations out of the property.

The School Construction Authority has proposed construction of a new, approximately 476-Seat primary school at the site of 1 Peck Slip, which was constructed approximately 60 years ago. A public hearing on the plan was held in late July 2011.

Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,700 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2010, the New York tri-state team completed approximately 17 million square feet in lease transactions, completed capital markets transactions valued at $861 million, managed projects valued at more than $5.8 billion, and oversaw a property and facilities management portfolio of 83.5 million square feet.
 
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.