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HOUSTON, July 9, 2013 — Jones Lang LaSalle’s Capital Markets team today announced the sale and financing of Ashford Place, a two-building, 143,505-square-foot office portfolio in Houston’s highly desirable Energy Corridor. Insite Realty Partners, L.P. purchased the property from CW Capital Asset Management LLC.
Managing Directors Rudy Hubbard and Paul House and Vice President Kevin McConn led the Jones Lang LaSalle team.
The two Class B atrium office buildings are located at 950 Threadneedle Street and 14800 St. Mary’s Lane with superior access and visibility along Interstate 10 (Katy Freeway). They have benefited from rapidly increasing rental rates and increased occupancy over the last 18 months. Ashford Place is 86 percent leased with a significant opportunity to create value in a rising market as occupancy increases and by capturing the upside in a below-market rent roll as leases expire.
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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About 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 LaSale 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. About CW Capital Asset Management LLCCW Capital Asset Management (CWCAM) is a unique, vertically integrated commercial real estate finance and investment management company. CWCAM is recognized throughout the industry for our financial strength, intellectual capital, and innovative approach to managing and growing our business. With diverse expertise encompassing all components of the commercial real estate capital structure, CWCAM differentiates itself by harnessing our vast resources to develop the most successful real estate strategies on behalf of our clients.
About Insite Realty Partners, L.P.Founded in 1994, InSite Realty Partners, L.P. (IRP) strives to enhance value and maximize performance for our partners, clients and employees through creative investment and efficient operation of commercial real estate properties. Since inception, InSite has developed in excess of 6 million square feet, and acquired over $350 million of institutional quality commercial properties comprised of office, industrial, multi-family and land.
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