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News release

NEW YORK, NY

JLL Completes 30,000-SF Lease for Eastgate Realty at 875 Third Avenue in New York

JPB Foundation to occupy top floor for 15 years at Class A, 720,000-SF office building


NEW YORK, March 3, 2015 — JLL has completed a lease on behalf of managing agent Eastgate Realty Corp. and building owner 875 Third Avenue LLC with JPB Foundation and Barbara Picower at 875 Third Avenue.

The philanthropic organization signed a 15-year deal for 30,000 square feet of commercial office space in the penthouse of the Class A, 720,000-square-foot office building. With this lease, 875 Third Avenue is 98 percent leased.

Eastgate Realty and 875 Third Avenue LLC were represented by Paul Glickman, vice chairman, and Diana Biasotti, senior vice president, with JLL. JPB Foundation, was represented by David Rosenbloom, executive director, and Emily Weber, senior associate, with Cushman & Wakefield Inc.

“This is a premier Midtown East trophy building, and an ideal location for the historic JPB Foundation,” said Glickman. “The penthouse features 20-foot ceilings with extraordinary views of the East River and Midtown Manhattan. Along with providing the customized infrastructure serving the penthouse, Eastgate Realty has continually enhanced the building, including the recent lobby and elevator renovations, ensuring that the property remains a top choice for leading tenants.”

“The JPB Foundation has an extraordinary history promoting medical research, environmental sustainability and opportunities for those in poverty, and it is an honor to have the organization in the building,” said Michael Alter, president of 875 Third Avenue LLC. “The property offers the unprecedented ability to be centrally located with immediate access to a wide variety of amenities including restaurants, banks, hair salon and spa, as well as subways.”

Constructed in 1983, 875 Third Avenue was designed by Skidmore, Owings and Merrill LLP. The 29th floor 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 $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 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.