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News release

Washington D.C.

Government and Government Contractor Demand Drives Large Office Investment

JLL completes $96 million sale of Mission Ridge office complex


Capitalizing on unique security features and a strategic location, JLL’s Capital Markets experts today announced the sale of Mission Ridge in Chantilly, Virginia, on behalf of LaSalle Investment Management. Salus Federal Properties LLC purchased the office complex for $96 million.

Senior Managing Director Bill Prutting, Managing Director Joe Brennan and Executive Vice Presidents Brian Saal, Marc Rampulla and Jim Molloy, and Senior Vice President Paul Spellman led JLL's efforts on this transaction.

“The Westfields market has changed profoundly over the past three years, emerging as one of the most strategic cyber-security and intelligence hubs in the United States.  Mission Ridge’s Sensitive Compartmented Information Facility (SCIF) infrastructure and long-term, first-generation anchor federal government and private-sector tenancies make Mission Ridge an irreplaceable Class A investment in a market that is only improving,” said Prutting.

Both buildings within Mission Ridge meet the highest levels of Department of Defense United Facilities Criteria (UFC) and provide much sought-after fiber connectivity.

"Mission Ridge is an ideal fit for its contractor and government tenants," said Brian Saal, who, along with Managing Director Joe Brennan led federal government leasing efforts on the property, complemented by Senior Vice President Matt Gallagher on the private-sector leasing side.  "The building will be a vital facility for many years to come."

Situated on nearly 19 acres and constructed in 2007, Mission Ridge totals 310,702 rentable square feet, is 94 percent leased, and features 1,085 parking spaces (a 3.5/1,000 ratio), state-of-the-art operating systems, high-end interior and tenant finishes and 9+'-foot ceiling heights.

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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

 

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

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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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 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.

 

About LaSalle Investment Management

LaSalle Investment Management is one of the world's leading real estate investment managers with approximately $56.4 billion of private and public equity and private debt investments under management (as of Q3 2015). LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe.  LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent sub­sidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world's largest real estate companies. For more information please visit www.lasalle.com.

About Salus

Salus Federal Properties LLC is a national real estate firm. Its mission is to create economic value for its clients and investor co-partners through the identification and acquisition of real estate assets that provide above–average returns to its investors and have significant appreciation potential. It does this through owning build to suit facilities leased to the US Federal Government on a long term basis, and operated by its wholly owned subsidiary, Salus Government Properties, LLC.  Salus provides strategic real estate investment planning and the creation of real estate investment programs for institutions and qualified investors.