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News release

LONG BEACH, CA

Molina Healthcare Signs 73,486 SF Lease for Regional Office in Long Beach

Greenlaw Partners, Walton St. Capital and Stillwater Investment Group complete deal with heath insurance company at One World Trade Center


LONG BEACH, CALIF., Oct. 5, 2015 – Greenlaw Partners, Walton St. Capital and Stillwater Investment Group announced today the completion of a new lease with Molina Healthcare for 73,486 square feet of office space at One World Trade Center, a 27-story, 574,381-square foot office complex in downtown Long Beach, California. The facility will serve as an expansion for the company’s corporate headquarters, which is located across the street.

Greenlaw Partners, Walton St. Capital and Stillwater Investment Group acquired the property in August for $105 million. They are in the process of finalizing plans for a large-scale renovation which will include a dramatic repurposing of the existing outdoor plaza area to create a superior amenity for their tenants and local area.  The owners are aggressively pursuing new retail tenants to the plaza area and are planning on modernizing the existing building lobby as well as repurposing all the vacant space at the project by taking it to a shell condition. 

JLL team members Steve Solomon, Jason Fine, and Kristen Bowman along with Dave Smith from CBRE represented the landlord in the lease with Molina. The tenant was represented by Damion McKinney and Jamie Keller of McKinney Advisory Group. JLL is now leading the leasing efforts at One World Trade Center along with Mitchell Hernandez CBRE who is marketing the retail space. The property is able to accommodate a variety of office requirements ranging from approximately 1,000 to 75,000 square feet of contiguous space.

"Molina Healthcare was attracted to One World Trade Center because of the proximity to its current headquarters, the planned renovation for the project, and to have one of the premier addresses in Los Angeles " said Fine. "This expansion confirms the company's commitment to downtown Long Beach and it is great to have positive net absorption for the market.”

Fine said that "Downtown Long Beach's revitalization effort is an exciting culmination of new development efforts including the development of the new civic center encompassing City Hall, Main Library, Police Department headquarters and several other areas; the reconstruction of the Gerald Desmond Port of Long Beach bridge; the renovation of The Pike, and all of the new residential projects."

With spectacular ocean and city views, One World Trade Center features a large courtyard, convenience store, post office, restaurants, daycare, 24-hour security, subterranean parking and neighboring 400-room newly renovated Hilton Hotel. It is located just minutes from the I-105 and I-710 freeways providing easy access to neighboring Southern California communities.
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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. A Fortune 500 company 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 $56.0 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.