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News release

Hartford, CT

Jones Lang LaSalle Closes Sale of “The Exchange” in Hartford Submarket

New Boston Fund sells mixed-use complex to the Acre Group


HARTFORD, CT, OCT 26, 2009 — Jones Lang LaSalle announced today that it has closed the sale of The Exchange, a mixed-use complex in the Hartford submarket of Farmington, Connecticut, for New Boston Fund.  The Acre Group purchased the 250,412-square-foot mixed-use office, retail and medical office property for an undisclosed sum.
 
Leading the Jones Lang LaSalle team on this assignment were Managing Directors Scott Jamieson and Mike Smith, with leasing assistance provided by Seniors Vice Presidents Chris Ostop and Shawn McMahon and Vice Presidents Sean O’Neil and Gary Schless.  Steve Inglese of the New Haven Group represented the Acre Group.
 
“The efforts of our leasing team to strengthen the tenant roster with a mix of office, medical and retail space helped us immeasurably in our efforts to market The Exchange.  The buyers now have a pristine asset with a well-diversified income stream in the very stable and desirable Hartford submarket,” said Jamieson.
 
The Exchange is located along Route 4 directly across from the University of Connecticut Health Center and sits on nearly 15 acres of land.  The three-floor complex offers three on-site restaurants, a spa and other amenities.  The property is currently 80 percent leased. 
 
"Given the anemic investment sales climate today, the sale of The Exchange is an exceptional transaction,” said Dale Reese, Regional Vice President in New Boston’s regional Rocky Hill office.  “It was a strategic time for us to exit this investment, provide a healthy return to our investors and redirect our efforts to new investment opportunities in the market.”
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from surplus buildings to raw land to entitled parcels and partially completed subdivisions.  The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
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 2008 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 1.4 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 $36 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
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