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News release

Houston

Jones Lang LaSalle Named Exclusive Leasing Agent for 13031 Bay Area Blvd. in the Port of Houston


HOUSTON, August 14, 2009 – Jones Lang LaSalle today announced that it has been retained by First Industrial Realty Trust as the exclusive leasing agent for 13031 Bay Area Blvd., a 734,448-square-foot, Class A distribution warehouse in the Port of Houston. The building is part of Phase II of the InterPort Distribution Center and is immediately adjacent to Phase I, which was completed in 2008 and is fully leased to Palmer Logistics.
 
Leading the Jones Lang LaSalle leasing team on this assignment are John Talhelm, SIOR, Senior Vice President, Kevin Erck, SIOR, Vice President and Will Swanson, Vice President. The team intends to focus its activities on a wide range of prospective tenants both domestically and internationally.
 
“The Port of Houston is one of the best areas for intermodal activity in the country, and 13031 Bay Area Blvd. is strategically located within the port, equidistant to both the Bayport Container and Barbours Cut Container terminals,” said Talhelm. “In addition to a great location, this space will be able to accommodate any large company with a wide range of import or export needs.” 
 
13031 Bay Area Blvd. is specifically designed to suit logistics and supply chain operations. Building features include a 30-foot clear height, 130 dock high doors, three ramps, 171 trailer parking spots (expandable to 245), cross-dock loading options, ESFR sprinkler system, and outside storage.
 
According to Jones Lang LaSalle research, total net absorption for warehouse and distribution space is currently over 30,000 square feet, 809,237 square feet year to date. Citywide, the vacancy rate for this product type has risen to 10.2 percent for the year.
 
“As more and more goods continue to flow into the United States, we expect that the Houston region will absorb port-based vacancies and return to equilibrium by the fourth quarter of 2010,” said Talhelm.
 
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 $36 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.