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News release


Jones Lang LaSalle to Market 150 North Michigan Avenue for Sale in Chicago

Iconic landmark expected to appeal to core-plus investors

CHICAGO, Feb. 27, 2012 — Jones Lang LaSalle’s (NYSE: JLL) Capital Markets experts today announced the firm has been hired to market for sale 150 North Michigan Avenue in Chicago on behalf of SEB Investment GmbH.  The property contains 661,477 square feet of office space. The property is currently 77 percent leased and offers an outstanding income stream backed by an impressive institutional tenant roster. In 2011, Crain Communications selected 150 North Michigan as the new home of its Chicago offices. Crain’s has leased 65,487 square feet and the tower will be renamed the Crain Communications Building when the publisher takes occupancy this April.

Jones Lang LaSalle Managing Directors Bruce Miller and James Postweiler, along with Associate Nooshin Felsenthal, are leading the team on this transaction.

“The rare combination of a landmark presence and a coveted address makes 150 North Michigan Avenue a truly unique acquisition opportunity for investors eyeing Chicago,” said Miller. “Chicago is experiencing a significant increase in demand, and we expect the property to attract a wide-range of domestic and international investors looking to capitalize on this rapidly recovering hub of the Midwest.”

Added Postweiler, “This property will become the headquarters of Crain Communications in April, giving it both increased occupancy as well as considerable cache′.  It’s a core-plus investment with significant upside.”

The Crain Communication Building is located the dynamic East Loop submarket of Chicago’s central business district. The 41-story tower is located on the corner of Michigan Avenue and Randolph Street. The property is kitty-corner to Millennium Park and just minutes from Lake Shore Drive, offering excellent visibility and access. The property has undergone more than $12.6 million in renovations since 2005 and was awarded Energy Star recognition in 2009, 2010 and 2011.

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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,