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Jones Lang LaSalle Completes Sales of Two Properties at The Round at Beaverton Central

Transactions totalling almost $22M position troubled development for future

Portland, Ore., May 17, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has completed the sale of two properties in transactions totalling almost $22 million at The Round at Beaverton Central, a partially completed, transit-friendly development in the heart of Beaverton, Ore.

In the first transaction, the City of Beaverton paid $8.65 million for the 104,772 square foot South Office building at 21725 S.W. Millikan Way in an REO sale.  The seller was LNR Property LLC.  Vice President Paige Morgan, Managing Director Buzz Ellis and Vice President Andrew Rosengarten of Jones Lang LaSalle’s Portland office represented the seller. 

The office building is currently 42 percent leased, including a long term lease to the City of Beaverton covering 15 percent of the building in which it operates a heating, cooling and hot water plant designed to serve the entire development.   The City is studying the feasibility of eventually moving its entire City Hall operations to the South Office building from its current location on Griffiths Drive. 

The second transaction involved the $13.25 million sale of a three-building, 159,979-square-foot commercial development to Portland investor ScanlanKemperBard.  Morgan and Ellis  represented the seller. 

The properties, which were 72 percent leased, consist of a 121,032-square-foot office building whose major tenants include 24 Hour Fitness and Anthem College, a parking garage and The Crescent Promenade with 24,447 square feet of ground floor retail space.  Like the South Office building, the properties surround Beaverton’s Central MAX (light rail) station, offering access to downtown Portland in approximately 20 minutes.

“This was an incredibly complex assignment, with lots of moving parts due to the long troubled nature of the development, but these successfully executed transactions now provide a solid platform for the City and its development partners to move forward and complete the vision for The Round at Beaverton Central,” said Morgan.

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 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.

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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 $47.2 billion of assets under management. For further information, please visit