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News release

PHOENIX, AZ

Jones Lang LaSalle Signs Honeywell to Long-Term Renewal in Glendale, Ariz. Building Owned by an Affiliate of Lexington Property Trust

Keeps approximately 400 high-paying jobs in the local market


PHOENIX, November 3, 2011 – Jones Lang LaSalle has renewed Fortune 100 firm Honeywell (NYSE:HON) in a long-term, 252,000-square-foot industrial lease that keeps the company, and as many as 400 local jobs, at its aerospace facility at 19019 N. 59th Ave. in Glendale, Ariz.

Honeywell has operated out of the Glendale industrial/flex building for 25 years.

Managing Directors Anthony J. Lydon, SIOR, Marc Hertzberg, SIOR, Don Mudd and John Bonnell in the Phoenix office of Jones Lang LaSalle represented the building owner, Lexington Realty Trust (NYSE:LXP), in the lease. Andy Sexson of Colliers International in Chicago represented Honeywell.

“This lease reflects a confidence that Phoenix can continue to produce, deliver and retain the top-flight engineers that Honeywell needs for its business,” said Lydon. “It also protects a sizeable number of well-paying jobs, which is a win for the local economy.”

Honeywell has approximately 122,000 employees worldwide, including more than 19,000 engineers and scientists. It serves customers with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials.

The building owner, Lexingon Glendale LLC, is an affiliate of Lexington Realty Trust—a leading investor in single-tenant commercial properties throughout the United States.

“Phoenix has seen a sharp drop in its availability of big block industrial space,” said Lydon. “Right now, we only have three local industrial buildings over 200,000 square feet that are available to tenants. This has some companies pursuing build-to-suit alternatives and has developers considering inventory industrial construction. These are significant steps forward in the real estate cycle for this product type.”

Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. Employing 344 of the area’s most recognized industry experts, the firm offers office and industrial brokerage, tenant representation, facility and investment management, capital markets and development services. In 2010, the Phoenix team completed 3.2 million square feet in lease transactions, directed $60 million in project management and currently has 13.5 million square feet under management.

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 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 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 $47.9 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.