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News release

HOUSTON, TX

Jones Lang LaSalle Closes Sale and Financing of 1800 Bering in Houston


HOUSTON, Dec. 21, 2011 — On behalf of Coast Range Investments, Jones Lang LaSalle today announced the firm’s Capital Markets experts have closed the sale of 1800 Bering, a Class B+ office building located in the San Felipe/Voss submarket at the western edge of Houston’s Uptown Park area. The firm also secured debt financing for buyer, Bering Office Partners, LLC, a joint venture between Harbert United States Real Estate Fund IV, L.P. and Fuller Realty Advisers.
Leading the Jones Lang LaSalle Capital Markets team on this transaction were Managing Directors Ruby Hubbard and Paul House and Vice President Leah Gallagher.

 “This property’s current tenant roster is a major attraction and the building’s recent renovations and physical features prove value-adds for future tenants,” said Hubbard. “In addition, the property has undergone more than $1 million in capital improvements, increasing tenant satisfaction.”

The 10-story, triangular-shaped building sits on Bering Drive, one block south of San Felipe. It includes a five-story, six-level detached parking garage accessible via a covered walkway. Built in 1982 and upgraded in 2005, 1800 Bering’s amenities include on-site management and 24-hour key card security access. The property is easily accessible via Interstate 10 and Loop 610, two major Houston thoroughfares. The San Felipe/Voss submarket encompasses the high-income subdivisions of Tanglewood and Briargrove. The building is currently 85 percent occupied by tenants including Time Warner Cable, Flagstone Financial Services and Prudential Insurance Company.

“The San Felipe/Voss submarket witnessed stronger rental rates and higher occupancies as a result of the decrease in new construction and from the second-largest year-over-year employment increase in the nation,” said House. “Houston is ideally situated for office space absorption and rental rate increases.”

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 Harbert Management Corporation
Harbert United States Real Estate Fund IV, L.P. (“HUSREF IV”) is sponsored by Harbert Management Corp (“HMC”).  HMC, together with its sponsored funds, has owned, developed and managed multifamily, office, industrial, retail and self storage properties throughout the Southeastern and Southwestern United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HUSREF IV’s approach is hands-on, targeting properties that the HUSREF IV Investment Team believes are undervalued, and where value can be created through focused operational management.  Additional information about HMC can be found at www.harbert.net.

About Fuller Realty Advisers, Ltd.
Fuller Realty Advisers is a full service commercial real estate firm based in Houston, Texas.  Fuller’s primary focus is identifying opportunistic real estate investments.  Fuller teams with private and institutional investors to facilitate the purchase of assets.  Fuller adds value with its local expertise of the market through experienced leasing and management.
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 $47.9 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.