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News release

PHOENIX, AZ

Jones Lang LaSalle Completes Sale of Camelback Arboleda

Marks the company’s third large, opportunistic local office building sale since mid-2011


PHOENIX, March 21, 2012 – The Phoenix office of Jones Lang LaSalle has completed the sale of Camelback Arboleda, a 179,751-square-foot, multi-tenant office building located at 16th Street and Camelback Road, in the heart of Phoenix’s prestigious Camelback Corridor.

Jones Lang LaSalle’s Senior Managing Director Dennis Desmond and Senior Vice President Brian Ackerman managed the sale to El Segundo, California-based Westport Capital Partners LLC, a real estate investment firm specializing in distressed and opportunistic real estate assets.
Camelback Arboleda is currently 81 percent occupied by tenants including Stanley Consultants, Telesoft Corp., and a Starbucks administrative office. It is also the third large, opportunistic office building that Jones Lang LaSalle’s capital markets team has sold in suburban Phoenix since mid-2011.
“All of these buildings are in very sought-after locations and provide great upside opportunity,” said Desmond. “They are the value-add combination that buyers have been waiting for.”

In addition to Camelback Arboleda, the capital markets team recently brokered the sale of Scottsdale Financial Center II—a 150,892-square-foot building at Indian School and Scottsdale roads that was purchased in late 2011 by Westport Capital Partners, and Scottsdale Centre—a 164,300-square-foot building located on Scottsdale Road near Indian Bend Road that was purchased in mid-2011 by Newport Beach, California-based MIG Real Estate.

According to Jones Lang LaSalle research, the Camelback Corridor was 87 percent occupied five years ago and rental rates averaged $30 per-square-foot. Today, occupancy has dropped to 69 percent and rental rates average approximately $24 per square foot.

“As local office occupancy levels improve, so do rental rates,” said Ackerman. “We are seeing signs of significant increased leasing activity now on the Camelback Corridor and that’s what is attracting investors.”

Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing nearly 400 of the area’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2011, the Phoenix team completed 5.2 million square feet in lease transactions valued at $337 million directed $60 million in project management and currently has 15.8 million square feet under management.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center webpage.

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.