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News release

Atlanta

Jones Lang LaSalle Closes Sale of Mall in Southwest Atlanta

Foreign investor purchases Greenbriar Mall


ATLANTA, MARCH. 3, 2010 — Jones Lang LaSalle announced today it has closed the sale of the Greenbriar Mall in southwest Atlanta for Hendon Properties, LLC.  A foreign investor purchased the 807,697-square-foot mall. The new owners also plan to make significant capital improvements in the near term on the property which is one of Atlanta’s first enclosed malls and the location of the nation’s first Chick-fil-A to be located in an enclosed mall.

Leading the Jones Lang LaSalle team on this transaction were managing directors Margaret Caldwell and Kris Cooper.

“Greenbriar offered stable in-place income, combined with numerous opportunities for value-add and repositioning making it an extremely attractive investment opportunity,” said Caldwell. “The sale of this property is a key indicator of foreign investor interest in purchasing retail assets in the United States and a trend that we believe will only get bigger in the months to come.”

Greenbriar Mall is strategically located at the intersection of I-285 and Langford Parkway, across the street from the studio of world-renowned actor and producer, Tyler Perry.  The mall sits on 94.5 acres and is currently 94.3 percent occupied.  It also offers an expansion area to add six outparcels along Greenbriar Parkway, as well as other significant upside opportunities.

“In the past year, we’ve positioned Greenbriar extremely well with much positive leasing momentum,” said Charlie Hendon, President of Hendon Properties, LLC.  “Margaret and Kris and the entire Jones Lang LaSalle team have been instrumental to the success of this transaction.  Their ability to think strategically is why they are considered the top brokers in the retail investment sales community.”

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 Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from surplus buildings to raw land to entitled parcels and partially completed subdivisions.  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 derivatives structuring and 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.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.

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 1.4 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 $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
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