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News release

DALLAS-FT. WORTH, TX

JLL Closes Sale of Crestview Office Tower in Las Colinas  


DALLAS, June 10, 2014 – On behalf of Codina Partners, JLL Capital Markets experts today announced the firm has closed the sale of Crestview Office Tower, located at 105 Decker Court in Irving, Texas. CapRidge Partners Fund I purchased the 12-story, 262,962-square-foot tower adjacent to the prestigious Las Colinas Urban Center, near the DFW International Airport.  JLL also arranged a bridge loan for the acquisition that included a future funding facility.

“CapRidge Partners is excited to re-enter the Las Colinas market and hopes to purchase other office buildings there and other sub markets of Dallas,” said CapRidge Co-Founding Partner Tom Stacy. “Job growth in the greater Dallas area is extremely strong and accelerating.”

Managing Directors Evan Stone and Jack Crews, along with Associate Lauren Zimmer led the JLL team on the sales efforts while Executive Vice President Jason Piering and Vice President Adam Mengacci steered the financing efforts. 

“DFW is now a recognized core market and demand for well-located, quality assets continues to grow,” said Stone.  “Investors are focused on amenity-rich areas like Las Colinas; we fielded offers from institutional owners across the U.S.”

Crestview Tower is located in one of the country’s most premier master-planned developments and one of the most prominent office submarkets in DFW.  The property was built in 1983 and fully renovated from 2009-2013. It offers tenants modern finishes and on-site amenities including a conference facility, coffee bar, fitness center and full-service deli.   

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.

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 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 information, visit www.jll.com.

About CapRidge
CapRidge Partners is a value office investor and manager headquartered in Austin, Texas. CapRidge serves the major Texas markets including Austin, Dallas, Houston and San Antonio along with select out of state growth markets.