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News release

FORT LAUDERDALE, FL

Cypress Park West I & II in Fort Lauderdale Inks Office Leases Totaling 47,300 SF

New leases follow a major capital improvement program at the 229,000-square-foot office park


FORT LAUDERDALE, Feb. 20, 2013 – Strong institutional ownership and significant investments in capital improvements are fueling continued deal flow at Cypress Park West I & II, a Class A office complex in Fort Lauderdale, Fla. Located at 6700 and 6750 North Andrews Ave, the property has completed three office leases for a combined 47,300 square feet. The transactions finalized at the 229,000-square-foot office park include the addition of a Regus business center to the property, the renewal of existing tenant Claims Verification, Inc., and the expansion of Southern Auto Finance Company.

Regus, the world’s largest provider of flexible workplaces, signed a lease to occupy 27,585 square feet of office space to cater to small- and mid-size businesses and entrepreneurs in the area. In a separate transaction, Claims Verifications, Inc., a leading independent investigation firm in the country exclusively serving the insurance industry, has maintained space in the building since 2006 and signed a renewal for 8,018 square feet. Another existing tenant, Southern Auto Finance Company, has expanded by 1,200 square feet, its second expansion since moving to the building in 2010, to occupy 11,687 square feet of space.

The three leases come on the heels of a number of capital improvements that have taken place within the past year, including renovations to the ground floor lobby and common corridors, upgrades to its security and telecommunications systems, a new conference room facility and installation of high speed fiber. All told, ownership has invested approximately $400,000 in the property.

Cypress Park West’s tenant roster includes a number of major corporate users, such as Microsoft and Sprint. The complex has a total occupancy rate of 83 percent outperforming the Ft. Lauderdale market’s average occupancy rate, according to Jones Lang LaSalle’s fourth quarter research.

“Cypress Park West’s continued focus on property enhancements was instrumental in our decision to grow our business here,” said Fay Luepnitz, South Florida Market Director of Regus. “Our customers benefit from the proximity to major thoroughfares and nearby amenities, complementing the exceptional experience we provide them in the workplace.”

The property is centrally located, with direct visibility to Interstate-95 and within walking distance to shops and restaurants. Available office spaces range in size from 1,500 square feet to 16,000 square feet, with average rental rates starting at $15.50 per square foot. Contact Jonathan Kingsley or Stephen Rutchik at Jones Lang LaSalle for leasing information at (305) 728-3692.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.