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Highview I & II at Providence Corporate Center trades for $33 million
PHILADELPHIA, May 14, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of Highview I & II in suburban Philadelphia on behalf Equus Capital Partners, Ltd., formerly BPG Properties, Ltd. TA Associates purchased the two Class A office buildings located in the Providence Corporate Center for $33 million.Managing Director Jim Vesey with Senior Vice Presidents Douglas Rodio and James Galbally led the Jones Lang LaSalle team on this transaction.“This offering provided an opportunity to purchase two prime office buildings with strong tenancy in the in-demand 422/202/29 corridor,” said Vesey. “The buildings have been well maintained by strong ownership and offer convenient access to the Greater Philadelphia metropolitan region. As expected, investor interest was strong.”Highview I & II are located immediately off the interchange of Route 422 and 29 within the 116-acre Providence Corporate Center. Highview I is a three-story, 78,564-squre-foot building located at 400 Campus Drive. It is currently 70 percent leased. Highview II is a four-story, 104,799-square-foot fully leased building located at 200 Campus Drive. IMS Health Inc. is the sole tenant at both properties. Highview I & II were originally developed by Equus in 2003 as a built-to-suit for Weyeth Pharmaceuticals.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.aspxAbout Jones Lang LaSalleJones 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 and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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