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News release

SEATTLE, WA

JLL Closes Sale of Prime Development Site in Downtown Seattle

Proposed luxury high-rise will meet demand for urban multifamily properties


SEATTLE, Jan. 6, 2013 — On behalf of Investco, Jones Lang LaSalle’s (JLL) Capital Markets experts announced the sale of 2000 Third Avenue, a 19,440 square-foot development site located on the edge of Seattle’s CBD, adjacent to the Belltown neighborhood.  British Columbia Investment Management Corporation (bcIMC) purchased the site for $17.75 million and is expected to construct a 400 foot high-rise apartment tower with ground floor retail.

Managing Directors David Young and Senior Vice Presidents Corey Marx and Seth Heikkila led the JLL team on this transaction.

“Seattle is one of the country’s top markets for STEM employment, which is creating a demand for housing particularly among millenials who desire a more urban lifestyle,” said Young.
“The proposed plans to build apartments with open floor plans and high quality amenities within walking distance of employers, shopping and entertainment will be very attractive to prospective tenants, especially with the impending arrival of Amazon’s expansion of its corporate headquarters, which is more than three million square feet and just blocks from the site.”

Located in Seattle’s central business district, 2000 Third Avenue is connected to the city’s most dynamic neighborhoods including Belltown and South Lake Union.  It offers panoramic views of Elliot Bay, the Olympic Mountains, Lake Union, and Downtown Seattle.

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