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News release

Chicago

Raleigh-Durham’s Research Hub Draws Lenders

JLL secures $76M loan for Lenovo Enterprise Campus


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CHICAGO, March 3, 2015 – On behalf of a joint venture between U.K.-based 90 North Real Estate Partners LLP and Dubai-based Arzan Wealth, JLL’s Capital Markets experts today announced the firm secured $76.2 million in acquisition financing for the Lenovo Enterprise Campus.  The Lenovo campus is comprised of three office properties located in Raleigh-Durham’s renowned Research Triangle Park. PNC Bank provided the acquisition loan, which adhered to Shari’ah-compliant financing standards.
 
Managing Directors David Hendrickson and Keith Largay and Vice President Fiorentina Malko led the JLL team on the financing transaction.
 
The loan closed following the campus’ acquisition by 90 North Real Estate Partners, led by Dan Cooper, Partner and Head of the firm’s North American operations.
 
“We’re seeing more lenders seek opportunities and yields in secondary markets, and this serves as a testament to the strength of the debt capital markets,” said Largay. “Two of the properties just received significant, high-tech renovations and the third is currently under construction and set to feature state-of-the-art research facilities – all of which drove lender interest.”
 
The Lenovo Enterprise Campus serves as the headquarters of Lenovo’s Enterprise Server Division and is comprised of three office buildings: two office buildings totaling 445,484 square feet and a 39,952 square foot mixed-use office / laboratory building currently under construction. The property operates under a single tenant NNN lease.
 
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 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
 
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

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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.