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News release

HOUSTON, TX

Jones Lang LaSalle Closes Sale of Galleria-West Loop Property in Houston

Acquisition of 92,000 square feet of office space at entrance of city’s prestigious River Oaks subdivision


HOUSTON, Dec. 17, 2012 — Jones Lang LaSalle (NYSE: JLL) today announced the firm’s Capital Markets experts have closed the sale of 4295-4299 San Felipe, two buildings totalling 92,499 square feet of office space in Houston’s Galleria/West Loop submarket to Equitas Commercial Real Estate Holdings. Managing Director Rudy Hubbard and Vice President Kevin McConn led the Jones Lang LaSalle team representing the seller, Morrison Karsten Group.

“This property was attractive because it represents a prime opportunity for residential, multifamily, hotel, or office development, with no zoning restrictions,” said Hubbard. “In addition, it offers exceptional visibility and is superbly located at the entrance to the city’s most prestigious neighborhood, River Oaks.”

Situated on 2.5 acres of additional land, the two office buildings and parking garage are in close proximity to gourmet dining and the high-end retail shopping available at The Galleria and Highland Village. In addition, the property is less than 10 minutes from Houston’s Central Business District.

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.

For more news, videos and research resources on Jones Lang LaSalle, please visit our U.S. media center Web page. Bookmark it here:  http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx

About Morrison Karsten Group
Morrison Karsten Group brings unique depth and breadth to its roles as a specialized real estate acquisition and management company. The firm has historically focused its activities on two complementary roles:

  • As a firm serving pension funds, bank and trust clients in the management and sale of problem or underperforming real estate assets.
  • As a value-oriented real estate investment management company specializing in the purchase and operation of suburban office buildings

In recent years, the second of these roles - as an investment management company - has come to take precedence in the overall scope of our business operations. As our past investors know, we have earned a considerable reputation as a prudent and profitable firm, which keeps an extremely careful eye on our current holdings and future opportunities. Now, in addition to these two roles, the firm is now venturing into the development of commercial office buildings. Additional information about Morrison Karsten Group can be found at http://www.mkgrp.com.

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 billion of assets under management. For further information, please visit www.joneslanglasalle.com.