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News release

Chicago

AT&T Signs 171,400 SF Lease, Among Largest Transactions of 2008

Jones Lang LaSalle Team Continues to Support the Telecommunication Giant’s Efforts through Strategic Real Estate Decisions


CHICAGO, January 28, 2009 – Jones Lang LaSalle announced today that a dedicated national team has supported AT&T’s business efforts in Chicago with a long-term renewal of office space in downtown, which is among the largest leases of the year.
 
After considering other options, AT&T signed a long-term renewal for 171,386 square feet at 350 North Orleans Street, also known as the Apparel Center, where it houses a training center, call center and other office functions in support of its telecommunications and U-verse product offerings. A long-term tenant in the building—since 1989—the firm is also the largest tenant in the building. The current market dynamics and AT&T being the Apparel Center's largest tenant, presented both AT&T the building with a win-win deal.
 
Senior Vice President George Kotrogiannis and Associate Kurt Kittner represented AT&T in the lease transaction. CB Richard Ellis represented building ownership, Mart Properties, a subsidiary of Vornado Realty Trust.
 
Mr. Kotrogiannis, who is Jones Lang LaSalle’s Senior Transaction Manager for AT&T’s Midwest and Southeast regions and has nationally represented AT&T in numerous transactions since 1999, said that AT&T had other available choices to consider before renewing at the Apparel Center.
 
“Working closely with AT&T’s Transaction and Asset Management groups, we evaluated other space in AT&T’s existing leased/owned portfolio as well as additional opportunities in the market,” he says. “But this building, in addition to location, offers the functionality and flexibility that a major tenant such as AT&T needs. We were also able to leverage AT&T’s credit and generate rent reduction.”
 
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 2007 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 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 more than $53 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.