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News release


San Diego’s Status as a Top Office Market Continues to Rise

JLL closes $155 million sale of two office buildings in CBD

SAN DIEGO, April 2, 2014 – San Diego is living up to its Top 20 ranking for office fundamentals in the Urban Land Institute’s ‘Emerging Trends in Real Estate 2014,’ and for the sun continues to shine on the sector’s future. On behalf of Equity Office Properties, JLL’s Capital Markets experts today announced the sale of two office buildings: 701 B Street and 707 Broadway in the city’s Central Business District (CBD). Emmes Asset Management Company LLC purchased the assets for $154.9 million.

Managing Directors Lynn LaChapelle and Bob Prendergast and Vice President Patrick Inglis led the JLL team on the transaction.

“Investors are excited about San Diego: it’s a strong office market with high barriers to entry and increasing rental rates,” said LaChapelle. “Located in the heart of the CBD, 701 B Street and 707 Broadway are located in close proximity to a growing, diversified employer base and feature rosters of high-quality, institutional tenants, all of which made the properties extremely compelling to buyers from all over the country.”

The Class A 701 B Street property stands 24 stories and totals 560,329 square feet. It is 84 percent leased and boasts national tenants including Merrill Lynch and JP Morgan Chase. The 18 story, 187-304 square foot 707 Broadway building offers a boutique design and full panoramic views. Both buildings are Energy Star certified and are located within two blocks of each other.

About Capital Markets
JLL 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 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

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About JLL
JLL (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 $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further informa