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News release

HOUSTON, TX

JLL Closes Sale of Westchase Corporate Center in Houston, Texas

Houston’s westward migration elevates tenant demand


HOUSTON, Sept. 22, 2014 – On behalf of DRA Advisors LLC, JLL Capital Markets experts today announced the firm has closed the sale of Westchase Corporate Center, a 184,259 square foot, Class A six-story office building and parking garage located in the heart of the Westchase District in Houston, Texas. Clarion Partners, a leading real estate investment manager headquartered in New York, purchased the property for an undisclosed sum.

JLL’s Managing Director Rudy Hubbard, Vice President Kevin McConn and Associate Rick Goings led the sales team on the transaction.

“Westchase Corporate Center is a unique opportunity with a blend of stable cash flow and embedded upside in below-market rents,” said Hubbard. “It offers quality diversified tenancy with an attractive value-add component, and it was designed to allow for a 93,000 square foot, 4 level Phase II office building on an existing surface parking lot.”

Westchase Corporate Center is positioned at the epicentre of Westchase, one of the most desirable and dynamic lifestyle markets in the Houston area, which offers abundant amenities that provide for a live, work and play environment. Located along Richmond Avenue, just off West Sam Houston Parkway (Beltway 8), Westchase Corporate Center offers unparalleled mobility to every corner in the City of Houston providing tenants and visitors convenient access to four major freeways.

The Westchase District has experienced tremendous growth, as Houston’s flourishing population moves westward in search of quality single-family housing and exemplary schools. Westchase’s office market has been a direct benefactor of this migration, as more corporations are moving closer to their employment base to provide a higher quality of work/life balance.

In addition to a thriving office market, totalling approximately 13.9-million-square-feet (excluding Class C properties) of net rentable area and over 55,000 jobs, Westchase includes 1.8-million-square-feet of retail space in over 35 shopping centers and over 50 multifamily properties totalling over 15,000 units and 18 hotels with over 2,600 rooms.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

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 JLL, 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 fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.