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News release


Cypress Adds to San Diego Portfolio, Acquires Office Investment Deal

JLL closes $19.75 million sale of Willow Creek Corporate Center

SAN DIEGO, Calif., February 5, 2016 – JLL’s Capital Markets experts today announced that San Diego-based Cypress Office Properties, LLC continued its strategy of acquiring quality office assets in key submarkets of San Diego with the purchase of Willow Creek Corporate Center. LBA Realty purchased the three-story, 114,355-square-foot office building for $19.75 million. Willow Creek Corporate Center is located within the Scripps Ranch submarket of the I-15 Corridor of San Diego.

JLL Managing Directors Bob Prendergast and Lynn LaChapelle represented the seller, LBA Realty, in the transaction.

“Willow Creek Corporate Center has several investment characteristics we look for,” said Cypress principal and co-founder Mark Wayne. “The convenient location of the asset within an improving submarket together with quality tenancy providing attractive in-place income fits well into our investment strategy.”

Willow Creek Corporate Center is ideally located in the master-planned Scripps Ranch Business Park just east of Interstate 15, with convenient access to State Routes 52, 56 and 163. The property is minutes from more than one million square feet of retail amenities and abundant housing.

Wayne added "Cypress acquired Willow Creek Corporate Center with joint venture partner Harbert Management Corporation. We plan to perform several cosmetic upgrades to the property in order to modernize the physical environment and create additional tenant amenities such as expanded outdoor collaboration and recreation areas."

“Recent leasing activity at the property and in the Scripps Ranch submarket confirm that local owner Cypress Office Properties is well positioned to capitalize on the continuing upward trend in rental rates as they further stabilize the asset" said Prendergast. "The I-15 Corridor is one of the strongest office leasing markets in the region with fourth quarter 2015 vacancy at 13 percent and yearly net absorption at 134,648 square feet.”

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 Cypress
Cypress Office Properties, LLC (“Cypress”) is a San Diego-based real estate investment and operating company that specializes in acquisitions and asset management of value-add, core plus, and redevelopment office properties in key markets within the Southwest United States. The company’s primary geographic focus is San Diego, Orange County, and Phoenix, where there is tremendous upside potential. As a sponsor/operating partner, Cypress seeks joint venture relationships with institutional capital partners that are pursuing value-add and core plus investments and returns. Since its founding in 2009, Cypress has become a qualified and proven investor within these markets – well positioned to identify, purchase and operate office properties that meet its strategic investment criteria.

About Harbert
Harbert Management Corporation (HMC) is a Birmingham‐based alternative asset management firm with approximately $4.3 billion in assets under management as of February 2015. Included in the Firm’s AUM is approximately $1.5 billion in committed equity across its U.S. and European Real Estate funds. HMC has been the active developer, manager and investor in office properties throughout the United States for 30+years and is currently investing their fifth U.S. focused value‐add fund. HMC serves foundations and endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. Investment strategies include European and US real estate, venture capital, public securities.

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