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News release

HOUSTON, TX

Despite Oil Price Declines, Commercial Properties Continue to Trade in Houston

JLL closes sale of Ashford Place II & III


HOUSTON, March 25, 2015 – JLL’s Capital Markets experts today announced that on behalf of Insite Realty the firm has negotiated the sale of Ashford Place II & III, two well-leased Class-B properties in the Energy Corridor. 

The Mission Companies purchased the properties for an undisclosed amount. The company also owns two buildings adjacent to Ashford Place II & III, and the recent purchase raised its total investment in the Energy Corridor to 12 acres. 

Managing Director Rudy Hubbard, Vice President Kevin McConn and Associate Rick Goings led the JLL team on the transaction.
“The combined acreage makes this one of the most superior redevelopment parcels in West Houston and already has an existing long term outlook as a covered land play,” said JLL Managing Director Rudy Hubbard.  “Additionally, the buyer has already arranged to backfill more than 20,000 square feet of upcoming vacancy, which will stabilize the property for the long term.”

“The dramatic drop in the price of oil presented the team a slight challenge when the properties were first put under contract, but this transaction stayed together, in part, due to the seamless collaboration between the buyer, seller and several debt and equity groups that were eager to participate,” said McConn.

Ashford Place II is a 58,730-square-foot office building located at 950 Threadneedle.  Ashford Place III is an 84,775-square-foot office building located at 14800 St. Mary’s Lane.  The properties were built in 1977 and 1978 respectively, and underwent a $3.2 million capital improvement program in 2008.

The properties each offer convenient access to Interstate 10, Beltway 8, Houston’s Central Business District, Memorial City, Westchase, CityCentre and both major airports.

According to JLL Research, Houston’s Energy Corridor is the consistent leader in market fundamentals.  Since 2012, nearly 2.8 million square feet of new office product has delivered, yet overall net absorption has been over 3.2 million square feet over the same time. 

The Mission Companies is an integrated full-service group of companies involved in the development, acquisition, management and leasing of office buildings and medical buildings in Houston and the surrounding communities.

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.

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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.