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News release

Malvern, PA

Jones Lang LaSalle Completes $19.5 Million Sale-leaseback of Unisys Technology Center in Suburban Philadelphia

New ownership undertakes multi-million-dollar renovation of Great Valley Commerce Center


MALVERN, PA., Feb. 9, 2009 — Jones Lang LaSalle, acting as exclusive representative for Unisys Corporation, has closed the sale-leaseback of the company’s 356,000-square-foot Unisys Technology Center, for $19.5 million.  The two-building property was purchased by a joint venture between Philadelphia-area real estate companies Exeter Property Group and Strategic Realty Investments, L.L.C
 
Leading the Jones Lang LaSalle team were Capital Markets Senior Vice President Suzanne Martinez  and Managing Director Mindy Berman, along with Senior Vice President Ken Zirk, Corporate Solutions in Philadelphia.
 
“This transaction was a true win-win for both parties involved as Unisys leveraged the opportunity to monetize an underutilized asset while securing a long-term lease to continue to operate in its original location that will undergo significant redevelopment. The buyers also secured a rare opportunity to purchase a property with a credit-rated anchor tenant with significant upside in the desirable Greater Valley Corporate Center,” said Ms. Martinez  
 
Unisys Corporation will continue to lease approximately 50 percent of the property. The new ownership plans to undertake a multi-million dollar renovation of the property designed to improve the center’s competitive position in the marketplace.
 
“These buildings are located in one of Philadelphia’s most desirable suburban locations,” said Mr. Zirk. “The property improvements will drive value for Unisys as a key occupant and create new leasing momentum for the new owners.”
 
The Unisys Technology Center is located in Malvern, Pennsylvania. The property is situated on 33.5 acres in one of the fastest growing and affluent areas of greater Philadelphia. The 356,000 square-foot property includes two adjacent office properties that will undergo considerable upgrades.  Located at 2476 Swedesford Road and 1000 Cedar Hollow Road, the newly renovated property will be called the Greater Valley Corporate Center.
 
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 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 secondary 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.  Collectively, the firm's Capital Markets team handled $82 billion in annual transaction volume in 2007.
 
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 2007 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 1.2 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the worlds largest and most diverse in real estate with $53 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
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