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Jones Lang LaSalle brings to market Block 21 a high-profile mixed-use tower in Austin Texas
AUSTIN, TX March 28, 2013 — Jones Lang LaSalle’s Hotels and Hospitality Group today announced it has been retained by Stratus Properties and the Canyon-Johnson Urban Fund to market for sale Block 21 located at the intersection of 2nd and Lavaca Streets. The property includes the 251-room W Austin, the acclaimed 2,750-seat Austin City Limits (ACL) LIVE, approximately 40,000 square feet of office space and 18,500 square feet of retail space.Managing Director Jeffrey Davis and Vice President John Nugent of Jones Lang LaSalle’s Hotels and Hospitality Group, along with Jake Kelley of the firm’s Capital Markets Group are leading the team on this assignment. “Block 21 represents one of the most exciting assets to come to market in downtown Austin during the past decade,” said Davis. “A potential investor can benefit from the hotel’s unrivalled lifestyle positioning and superior brand within the downtown lodging market. Additionally, the office and retail components are commanding some of the highest rents in downtown Austin, making this property an all-around strong investment.”Located in the heart of the 2nd Street District, the property has attained LEED Silver Certification and opened in late 2010. During the past two years, the hotel and commercial components have ramped up operating performance and are approaching stabilized levels, while ACL LIVE continues to be downtown Austin’s pre-eminent live music venue. As home to the PBS program Austin City Limits and hundreds of events each year, the ACL LIVE venue creates an exciting energy surrounding the project and drives a tremendous amount of foot traffic to the hotel and retail components.Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory and valuation assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.For more news, videos and research from Jones Lang LaSalle’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality 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.
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