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News release

Winston Salem, NC

Jones Lang LaSalle and Commercial Realty Advisors Conducting Highest and Best Use Study for One-of-a-Kind Reynolds Building in Winston-Salem

R.J. Reynolds Tobacco Company Evaluates the Best Community Value for Iconic 313,995-SF Office Tower


WINSTON SALEM, NC, NOV. 23, 2009 — Jones Lang LaSalle, a financial and services firm specializing in real estate, is partnering with Winston-Salem-based Commercial Realty Advisors (CRA) to conduct a highest and best use study for R.J. Reynolds Tobacco’s historic 313,995-square-foot office building in Winston-Salem, North Carolina. The goal of the Reynolds Building study is to review and recommend possible future re-use options including repositioning, re-leasing or sale of the facility.
 
R.J. Reynolds occupies the adjacent 615,000 square foot Plaza and Galleria Buildings that comprise the corporate headquarters complex.
 
“We’re seeking to identify the most strategic re-use of the building that will both produce a positive outcome for the community and maximize the value of the asset,” says Gil Teague, senior manager – finance for R.J. Reynolds. “We are pleased to partner with a local firm like CRA because they understand the significance of the Reynolds Building to Winston-Salem and the Triad region, and with Jones Lang LaSalle, which brings a broad global perspective on the future options for this site. The plan for the best use of the building will take into account not only its practical usage, but its historic significance to the Winston-Salem community and the role it might play in future downtown development.”
 
The team of real estate experts leading this project includes John E. Reece and Jeff Andrews of Commercial Realty Advisors and Chris Marshall, Mindy Berman and John Vick of Jones Lang LaSalle’s capital markets practice.
 
“We’re undertaking a strategic review of all aspects of the facility that would maximize the long-term interests of the community,” said Chris Marshall, managing director of Jones Lang LaSalle’s Capital Markets practice. “The approach R.J. Reynolds is taking in seeking ultimately the best fit for the region, demonstrates the company’s long-standing commitment to the Winston-Salem community.”
 
Adds Mr. Reece, “As a native of Winston-Salem with more than 25 years of local commercial real estate experience, I certainly recognize and appreciate the historical significance of the Reynolds Building to our community and the critical role it could have in our continued downtown development efforts.”
 
The Reynolds Building is one of the most architecturally significant buildings in Winston-Salem.
Commissioned by R.J. Reynolds and designed by the New York architectural firm of Shreve and Lamb, the Reynolds Building opened in April 1929, at the corner of 4th and Main Streets in downtown Winston-Salem. Soon after finishing the Reynolds Building, Shreve and Lamb designed the similar Empire State Building in New York.
 
About Jones Lang LaSalle Capital Markets
 
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.  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 $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.