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News release

MRCE Inc. Buys Clift Building in Salt Lake City


SALT LAKE CITY, Nov. 23, 2015 – On behalf of MRCE Inc., JLL today announced the firm has closed the sale of the historic Clift Building in downtown Salt Lake City.  MRCE Inc. purchased the property, which is on the National Register of Historic Places, from a group of high-net worth investors.

JLL’s Jim Balderson represented MRCE Inc. in the purchase of the property. Earlier this year, Balderson also represented MRCE Inc. on the purchase of the Felt Building, also located in downtown Salt Lake City.

"We are very committed to meeting the demands of Salt Lake City's new and growing companies while respecting the landscape and the heritage that makes the city so attractive to companies of all business sectors," said MCRE's David Phipps. "The additional amenities we'll be bringing to the Historic Clift Building will go hand in hand with our history-minded renovation."

Balderson echoed Phipps' sentiments about the sale and the Salt Lake region's future, "It's exciting to work with a client who sees the investment opportunity of the downtown area while showing such strong appreciation for the historic value of our city's architecture. Demand for space downtown and throughout the city continues to climb rapidly.”

The property was built in 1919 and is located at 10 West Broadway.  Plans for the Clift Building include restoring the historic interior, the addition of a rooftop patio and deck area for tenant use, a fitness center with lockers and showers.  The new owners also plan to remodel the building's lobby.

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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 $57.2 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.