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Jones Lang LaSalle Closes Sale of Major Redevelopment Site near Downtown Seattle

Equity Office Properties sells site on Lake Union waterfront

SEATTLE, Dec. 19, 2013  — Jones Lang LaSalle’s Capital Markets experts today announced the sale of Westlake Steps, a mixed-use redevelopment site near downtown Seattle that includes 5.5 acres of land on the Lake Union waterfront and three existing buildings totalling 102,215 square feet. Equity Office Properties, a subsidiary of Blackstone Group LP, sold the site to Holland Partners.

Managing Directors Stuart Williams, Ann Chamberlin, Lori Hill and David Young and Senior Vice Presidents Corey Marx and Seth Heikkila led the JLL team on the transaction.

“This site presented an unbeatable location for a mixed-use redevelopment,” Williams said. “It offers stunning views of both Lake Union and downtown Seattle, and is between the major arterials of Westlake Avenue North and Dexter Avenue North. Simply put, a mixed-use property will thrive in this dynamic area of Seattle and Holland Partners is now in a prime position to capitalize upon that.”

Westlake Steps’ zoning permits residential, office/life sciences, retail and hotel uses, and the Lake Union submarket in which the property is located is excelling. Amazon, Microsoft, the Bill & Melinda Gates Foundation, Nordstrom, and Tommy Bahama are among the major firms leasing office space in the area. At the end of the third quarter, the Lake Union office vacancy rate was only 8 percent, and the multifamily vacancy rate in the area has hovered around 4 percent.

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 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 $46.7 billion of real estate assets under management. For further information, visit