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CHICAGO

Jones Lang LaSalle Closes $102M Sale of 150 North Michigan Avenue in Chicago

John Hancock Real Estate purchased iconic landmark


CHICAGO, May 29, 2012 — Jones Lang LaSalle’s (NYSE: JLL) Capital Markets experts today announced the firm has closed the sale of 150 North Michigan Avenue in Chicago on behalf of SEB Investment GmbH.  John Hancock Real Estate, the United States-based unit of Canada-based Manulife Real Estate, purchased the iconic landmark for $102 million. 
Jones Lang LaSalle Managing Directors Bruce Miller and James Postweiler, along with Associate Nooshin Felsenthal, led the team on this transaction.

“The fact that this property went from offering to close in less than three months is an indication of both the quality of the building, and the resurgence of the Chicago market,” said Miller.  “The purchase of 150 N. Michigan is a significant one for John Hancock Real Estate, as it supports their strategic efforts to grow their core real estate portfolio in key markets such as Chicago.”

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 has now been renamed the Crain Communications Building when the publisher took occupancy in April.

The Crain Communication Building is located in 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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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.

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 www.joneslanglasalle.com.