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News release

SAN DIEGO, CA

San Diego’s Office Market Continues Recovery

Jones Lang LaSalle closes sale of Class A Rio San Diego Plaza in Mission Valley submarket


SAN DIEGO, Sept. 25, 2013  — Jones Lang LaSalle’s Capital Markets experts today announced the sale of Rio San Diego Plaza, a Class A, 189,490-square-foot office building in San Diego’s highly desirable suburban Mission Valley submarket. Prudential Real Estate Investors purchased the six-story property from AEW Capital Management, which sold it on behalf of one of its institutional clients.

Managing Directors Lynn LaChapelle and Bob Prendergast led the JLL team on this transaction.

“With an abundance of investment-grade tenants and a location in one of San Diego’s most popular and reliable submarkets, Rio San Diego Plaza is an outstanding property for investors,” LaChapelle said. “The property’s above average floor plates and parking ratio are highly desired by many of Mission Valley’s tenants and certainly offers a competitive leasing advantage. Mission Valley’s Class A office vacancy rate is well below 10% and with no development slated for the foreseeable future; Rio San Diego Plaza offered a great chance for investors to buy in a high-barrier-to-entry market that is poised to perform very well for years to come.”

San Diego’s economy is in the midst of a sustained recovery that has greatly benefitted the city’s office market. Over the past year, the city’s unemployment rate has dipped two percentage points to less than eight percent, which has boosted office absorption of more than 850,000 square feet as of mid-year. With optimistic employment forecasts, limited construction, sustained occupancy gains and increasing rents, the reign of tenant-favorable conditions is coming to an end in the city.

Located at the intersection of Rio San Diego Drive and Friars Road, Rio San Diego Plaza offers immediate access to Interstate 8, Interstate 15 and State Route 163. The building is also near the San Diego Trolley, two regional malls, and numerous hospitality and leisure venues.

The environmentally friendly building has received both LEED Silver and Energy Star certification.

Jones Lang LaSalle is a leader in the San Diego commercial real estate market. The firm employs approximately 165 of the area’s most recognized industry experts offering services in brokerage, capital markets, facility management and project development services. In 2012, the San Diego team completed 4.58 million square feet in lease transactions, directed $57 million in project management, currently leases 10.5 million square feet and has 5.5 million square feet under management.

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.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About Jones Lang LaSalle
Jones 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 $46.3 billion of real estate assets under management. For further information, visit www.jll.com.

About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.   One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $36 billion of capital invested in $49.7 billion of property and securities in North America, Europe and Asia (as of  June 30, 2013).   Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities.  For more information please visit www.aew.com.