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News release

Washington, DC

Jones Lang LaSalle Closes Sale of Georgetown North Campus in Washington, D.C.


WASHINGTON, D.C., SEPT 15. 2009 - Jones Lang LaSalle announced today it has arranged the sale of the Georgetown North Campus. The two office buildings, which are located just north of the Georgetown Submarket in Washington, D.C., were purchased from investors advised by Prudential Real Estate Investors (PREIR).
 
Leading the Jones Lang LaSalle team, and acting on behalf of PREIR, was Senior Vice President Jim Molloy, Managing Directors Collins Ege and John Kevill, along with Vice President Sean McDermott.
 
"The Georgetown North Campus opportunity offered strong credit tenancy with a long-term lease in the best performing market in the country-essential aspects to completing transactions in today's volatile capital markets.
Additionally, the triple net lease structure coupled with the complete renovation of the asset reduced future capital exposure making the opportunity very appealing," said Molloy.
 
The Georgetown North Campus, located at 2001 Wisconsin Avenue, NW and 3300 Whitehaven Street, NW, is 100 percent triple-net leased to Georgetown University through September 2019.  Each building has received a complete renovation since 2005.  The four- and five-story buildings offer a total of 240,475 rentable square feet. The Whitehaven Street property is utilized as an off-campus support center, which houses critical university support operations while the Wisconsin Avenue property is subleased to the British School of Washington, D.C.
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.
 
The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm's Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from vacant buildings to raw land to entitled parcels and partially completed subdivisions.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm's Capital Markets team handled $117 billion of transaction volume.