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News release

SEATTLE, WA

Jones Lang LaSalle Closes $76.5M Office Sale for Regence BlueShield in Seattle

Regence to lease back nearly one-third of property; sale marks first transaction for former PREP brokers


SEATTLE, Dec. 20, 2011 — Jones Lang LaSalle today announced the firm’s Capital Markets experts have closed the sale and partial leaseback of 1800 Ninth Avenue in Seattle’s Central Business District (CBD) and South Lake Union submarket for Regence BlueShield in Washington.  A joint venture of Talon Private Capital and Prudential purchased the 15-story Class A property for $76.5 million.  Regence will lease back space 30 percent of the property which is consistent with their current requirement.  The sale marks the first closing for the firm’s newest investment sales experts formerly with Pacific Real Estate Partners, which merged with Jones Lang LaSalle in October. 

Managing Directors Stuart Williams, Ann Chamberlin and Lori Hill led the Jones Lang LaSalle team on this transaction.  Senior Vice President Laura Ford and Vice President David Abbott provided local market leasing expertise.

“With 60 percent of the building available for lease-up, 1800 Ninth Avenue offers the new owners significant repositioning opportunity in the months to come,” said Williams.  “They’ll also be able to capitalize on Seattle’s rapidly improving market conditions in one of the cities hottest submarkets.”

Added Chamberlin, “In just the past year, Amazon has leased nearly 750,000 square feet of office space just blocks from this well-located property.  Rental rates are rising in this dynamic submarket and Talon and Prudential are well positioned to create considerable upside.”

The property known as 1800 Ninth Avenue offers 312,716 square office space, located at the juncture of Seattle’s CBD and South Lake Union submarkets. Nearby neighbors include Seattle Children’s Hospital Research Center, Amazon.com, Nordstrom Corporation and the Federal Courthouse.  It is also located just one block from the Metro Transit Hub and near from the Convention Center. 

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 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.