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News release

Seattle

Jones Lang LaSalle Bolsters Multifamily Team with West Coast Hires

David Young joins as Managing Director in Seattle; Multifamily practice increases foothold in strategic markets


SEATTLE, JULY 15, 2009 — In response to growing demand for multifamily services along the West Coast, Jones Lang LaSalle announced that it has bolstered its capital markets practice and market positions in two important domestic markets with strategic hires in Seattle and Los Angeles.  David Young, a 20-year industry specialist, has joined the team as a Managing Director in Seattle, while Chris L. Smith takes on the role of Associate in Los Angeles.
 
Young will leverage his multifamily experience to provide sales advisory, valuation and brokerage services to a wide variety of regional and national clients, bringing much needed depth to the firm’s national multifamily platform in one of the top apartment markets in the country.
 
“Last year, the Urban Land Institute picked Seattle as the ‘most promising’ market for multifamily in its 2009 Emerging Trends in Real Estate,” said Jubeen Vaghefi, leader of Jones Lang LaSalle’s multifamily practice.  “We have been searching for a local expert to serve our client’s expanding needs and David’s expertise is a perfect match.  His deep knowledge of the sector and extensive experience will help drive our business growth in the Northwest.”
 
Added Elizabeth Hearle, Jones Lang LaSalle’s Northwest Market Director, “David is consistently one of the Top Three Producers in the Pacific Northwest and we knew there would be intense competition for his talent.  We feel certain that David’s expertise would serve our expanding client needs in the Seattle region, and that Jones Lang LaSalle’s national and global platform would allow David to extend the level of service he can provide his network.”
 
“Seattle is one of the key growth areas that Jones Lang LaSalle has targeted for the advancement of our capital markets business,” said Bob Mooney, Jones Lang LaSalle’s Seattle Market Director.  “The addition of David to our team will allow us to capitalize on a true leader in the investment sales field, and give him the base to extend his global reach.”
 
During his career, Young has earned national recognition as a Top Five advisor numerous times while a Partner at a national brokerage firm. Young also has experience with national firms in multihousing management.  He is a graduate of the University of Minnesota where he earned his bachelor of arts degree in political science. 
 
Jones Lang LaSalle also added Chris Smith to its Los Angeles capital markets roster.
 
“The addition of Chris underscores our commitment to expanding our multifamily team along the West Coast, as well as across the nation.  As we address the complicated needs of our clients in the months to come, Chris’s experience working with loan servicers and financial institutions to address their note sales and owned real estate workouts will also support the growth of our Value Recovery Services,” added Alex Quintana, Managing Director with Jones Lang LaSalle’s multifamily practice.
 
Smith comes to Jones Lang LaSalle from J.H. Snyder Company where he was a Senior Associate skilled in acquisition and disposition underwriting, financial analysis, capital sourcing, and asset management. He has worked on multiple projects in Southern California, most recently The Crescent in Beverly Hills, Ontario Town Center, NoHo Lofts and NoHo Commons.  Smith earned a bachelor of science degree with an emphasis in finance and entrepreneurship from Babson College in Wellesley, Massachusetts.
 
The hiring of Young and Smith brings the firm’s multifamily capital markets team to 22 members. The firm has made a number of strategic hires across the United States over the past year, selectively augmenting the size of its multifamily team to serve client demand.
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.   The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from vacant buildings to raw land to entitled parcels and partially completed subdivisions.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
For more information regarding Jones Lang LaSalle’s Value Recovery Services, please visit our Web site, http://www.joneslanglasalle.com/Pages/ValueRecoveryServices.aspx
 
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 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 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 more than $46 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
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