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PORTLAND, OR

Jones Lang LaSalle Closes $31M Sale of Capitol City Business Center in Salem, Oregon

Capitol City Business Center Sold for $31 million


PORTLAND, OR, Feb. 7, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has arranged the sale of Capitol City Business Center located in Salem, Oregon on behalf of Angelo Gordon and Meriwether Partners. An institutional owner focused on owning real estate leased to government tenants purchased the 233,358-square-foot office space for nearly $31 million. 
 
Managing Directors Buzz Ellis and Michel Seifer along with Vice Presidents Paige Morgan and Aaron Herter led the Jones Lang LaSalle team on this transaction.

“Investors looking to expand their foot print in the Pacific Northwest generated a wide range of interest for Capitol City and the firm was able to secure competitive pricing for Angelo Gordon and Meriwether Partners,” said Ellis. “The buyer will do well with the asset as the project provides a strong current return and the opportunity to increase value through leasing to new prospects and expansion of existing tenants.” 

Capitol City Business Center, at 4600 25th Avenue NE, is located in Oregon’s state capital, off Interstate 5, making it a prime office space with several government-backed tenants. In 2007, the property underwent a significant renovation including new entrances, lobbies, corridors, landscaping and building systems. The top-of-the-line space is currently 85 percent occupied and has a highly sustainable ENERGY STAR rating of 92. 

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.

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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 2011 global revenue of $3.6 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 2.1 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 $47.7 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.