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News release

BOSTON, MA

Jones Lang LaSalle Closes Sale and Financing of Two Liberty Square in Boston’s Financial District

URDANG institutional client purchases boutique office building from AEGON USA Realty Advisors


BOSTON, Jan. 10, 2013 —  Jones Lang LaSalle’s (NYSE: JLL) Capital Markets experts today announced that the firm has closed the sale and debt financing of Two Liberty Square, a 64,357-square-foot jewel box office building in the heart of Boston’s Financial District. URDANG, the real estate investment specialist for BNY Mellon Investment Management, purchased the 11-story office building from seller Investors Warranty of America, Inc., an affiliate of AEGON USA Realty Advisors, LLC, a commercial real estate investment and management arm of the AEGON Asset Management companies.

Managing Directors Frank Petz and Jessica Hughes, as well as Courtney O’Neal, and Matt Sherry, led the Jones Lang LaSalle team on this transaction. Debt financing was arranged by Senior Vice President Jonathan Schneider.
“As expected Two Liberty Square attracted significant investor interest from local operators to pension fund advisors and a wide range of institutional capital,” said Petz. “Boston has become a favorite market for foreign investors looking to invest in well-located, quality real estate.”

Added Schneider: “We witnessed a similar phenomenon with lenders. The Two Liberty Square asset attracted life insurance companies, CMBS, and regional banks which enabled us to achieve favourable financing terms for the buyer.”
“We are excited to have acquired a boutique historic building in the heart of the Boston’s Financial District,” said David Rabin, managing director, Urdang Capital Management. “The small floor plates at Two Liberty cater to the most active tenant base in the market and provide these tenants with a unique opportunity to occupy an entire building floor.”

Two Liberty Square was originally built in 1913. Designed in the Beaux Arts style by Peabody & Stearns, the property was substantially renovated in 1996 and 1997, and combines historical architecture with modern infrastructure. It is centrally located near the Park at Post Office Square, Faneuil Hall Marketplace, the Rose Kennedy Greenway, and the Boston Harbor Waterfront. The iconic gem is currently 81 percent occupied with nine tenants. Two Liberty Square has signed 40,406 square feet of new leases in just the past 16 months.

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 the firm’s U.S. media center Web page.  Bookmark it here:  http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx

About URDANG                                          
URDANG is based in Plymouth Meeting, Pennsylvania and is part of BNY Mellon. URDANG was founded in 1987 with an exclusive focus on institutional investment grade real estate. URDANG offers a variety of strategies and products, managing approximately $6.4 billion in public real estate securities (at September 30, 2012) through Urdang Securities Management, Inc. and approximately $2.0 billion in debt and private equity real estate investments (as of September 30, 2012) through Urdang Capital Management, Inc. for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors.  URDANG’s research-driven process combines top down economic analysis and market/country selection with bottom up underwriting of properties, companies and management teams to seek high, risk-adjusted returns. 

About AEGON USA Realty Advisors, LLC (AURA)                                     AEGON USA Realty Advisors, LLC, based in Cedar Rapids, Iowa, a commercial real estate investment and management arm of the AEGON Asset Management companies, has been providing real estate investment services for over 25 years.  The companies are affiliated with The Netherlands-based AEGON N.V., an international life insurance, pension and asset management company with businesses in over twenty markets in the Americas, Europe and Asia.

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.