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News release

SEATTLE, WA

Jones Lang LaSalle Closes Sale of Highlands Corporate Center in Seattle’s Eastside

Bentall Kennedy sells three office/life sciences buildings for nearly $39 million


SEATTLE, Jan. 16, 2014  — Jones Lang LaSalle’s Capital Markets experts today announced the sale of Highlands Corporate Center, three office/life sciences buildings totaling 173,254 square feet in Bothell, Wash., in metro Seattle’s Eastside.

Managing Directors Lori Hill and Stuart Williams led the JLL team on the transaction.

“This was a unique opportunity to purchase an exceptionally maintained, fully leased portfolio at below replacement cost,” Hill said. “Bothell is one of the most prominent life sciences markets in the United States, and chances to purchase these kinds of properties in this area are rare. The strong in-place net operating income of this portfolio, which will only grow because of fixed annual rental increases, added to its considerable appeal in the marketplace.”

Constructed in 1998, Highlands Corporate Center has two tenants, FujiFilm Sonosite Inc. and Seattle Genetics, and 70 percent of its rentable area is tied to a long-term lease. The portfolio consists of the following properties, which are situated in a 10.3-acre corporate campus setting:
• The 64,220-square-foot 21909 30th Drive SE.
• The 57,830-square-foot 22011 30th Drive SE.
• The 51,204-square-foot 22025 30th Drive SE.

Highlands Corporate Center is part of a strong office market. AT&T, T-Mobile, Panasonic, Bristol Meyer Squibb, Google, General Dynamics and Puget Sound Energy are some of the major companies that lease space in Bothell, and the Eastside featured an office vacancy rate of just 10.5 percent at the end of the third quarter.

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.