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News release

NEW YORK, NY

JLL Inks 87,126-SF Lease for Eastgate Realty at 875 Third Avenue in New York

Troutman Sanders to occupy 15th-17th floors for 15 years at Class-A, 720,000-SF office building; firm previously located at Chrysler Building


NEW YORK, June 3, 2014 — JLL has completed a lease for managing agent Eastgate Realty Corp. and building owner 875 Third Avenue LLC with Troutman Sanders LLP at 875 Third Avenue. The international law firm signed a 15-year deal for 87,126 square feet of commercial office space at the Class-A, 720,000-square-foot office building.

Eastgate Realty and 875 Third Avenue LLC were represented by Paul N. Glickman, vice chairman, and Diana L. Biasotti, senior vice president, with JLL. The tenant, Troutman Sanders, was represented by Lewis Miller, vice chairman, and Kenneth Rapp, vice chairman, with CBRE Inc. Raymond Sanseverino, chairman of real estate, and Nichole Cortese, senior counsel, with Loeb & Loeb LLP provided legal services to ownership as part of the transaction.

“This is one of Midtown East’s premier trophy office buildings,” said Glickman. “Eastgate Realty’s commitment to continued upgrades within the building, most recently with a lobby and elevator renovation, makes the property even more attractive to a broad range of space users.”

“Troutman Saunders is one of a number of law firms, professional services and financial services firms that have chosen to take space at 875 Third Avenue,” said Michael Alter, president of 875 Third Avenue LLC. “The property continues to attract high-profile tenants with its extraordinary views and light, a wide variety of amenities and easy access to a myriad of transportation options.”

JLL recently completed a lease for pharmaceutical research firm Analytica La-Ser International Inc. on the sixth floor and for management consulting firm McKinsey & Co. on the fifth floor at 875 Third Avenue, which is located between East 52nd and East 53rd streets.

Constructed in 1983, 875 Third Avenue was designed by Skidmore, Owings and Merrill LLP. The building is approximately 96 percent leased and has extraordinary space available only the 29th floor. The penthouse suite offers 20-foot ceilings, and was customized to feature above-standard infrastructure, and highlight the space’s spectacular river and city views. The building provides tenants with an unparalleled office environment featuring financial institutions, restaurants and accessibility to all forms of transportation via in-building subway access.

JLL is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2013, the New York tri-state team completed approximately 25.9 million square feet in lease transactions, arranged capital markets transactions valued at $2.1 billion, managed projects valued at nearly $7.0 billion, and oversaw a property and facilities management portfolio of 95.3 million square feet and an agency leasing portfolio of 67.0 million square feet.

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 fee revenue of $4 billion, JLL has more than 200 corporate offices and 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 $48.0 billion of real estate assets under management. For further information, visit www.jll.com.​