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News release

Mount Prospect, IL

Jones Lang LaSalle Seeks $111 Million Redevelopment and Construction Loan for Suburban Chicago Mall

Enclosed mall to be transformed into open-air mixed use specialty center


MOUNT PROSPECT, IL, Feb. 9, 2009 — The Real Estate Investment Banking team of Jones Lang LaSalle’s Capital Markets Group is seeking to secure capitalization in excess of $111 million on behalf of institutional investors advised by J.P. Morgan Asset Management—Global Real Assets and Casto Lifestyle Properties for the redevelopment of Randhurst Mall, located on a 100 acre site in Mount Prospect, Illinois.  The current enclosed mall will be transformed into Randhurst Village, an open-air mixed-use specialty center.
 
Leading the Jones Lang LaSalle Real Estate Investment Banking team on this assignment are Managing Directors Bart Steinfeld, Dave Hendrickson and Noble Carpenter, and Vice President Vladimir Hrkac.
 
Randhurst Village will be a 1,071,370-square-foot lifestyle center situated on the former site of Randhurst mall, the first regional mall built in the Chicagoland area.  The village will be redeveloped by demolishing the core two-level interior mall structure, leaving the surrounding anchor stores and converting a portion of the existing basement into convenient parking for a new hotel.  The current retail anchor tenants will remain operational during the entire redevelopment period.  The mall will be replaced with an open lifestyle mixed-use center including office space and a hotel located above the new retail buildings.  Total parking for
the project will be 5,292 spaces.
The sponsors are seeking to close by April 15, 2009 on the construction loan, with vertical construction to begin in July of 2009 and retail construction to be completed by September, 2010.
 
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 J.P. Morgan Asset Management
 
J.P. Morgan Asset Management is a global asset management leader  providing world-class investment solutions to institutions, individuals    and financial intermediaries.  The firm is responsible for approximately $1.2 trillion in assets under management (based on assets under    management for the Asset Management division of JPMorgan Chase & Co. as    of September 30December 31, 2008), including approximately $59.0 billion  in real estate and infrastructure assets managed by J.P. Morgan Asset Management – Global Real Assets.  With a 38-year history of successful investing and a staff of approximately 387 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients.  J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the   public and private markets.
 
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 2008 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 1.3 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $46 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.