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News release

CINCINNATI, OH

Outside Investor Looks to JLL for New Cincinnati Venture

JLL Completes Overhaul of Property Management and Leasing Activity at SharonView Corporate Center


CINCINNATI, September 1, 2016 – JLL is pleased to announce the sale of SharonView Corporate Center, a seven-story Class B office building located in the Tri-County office submarket at 11499 Chester Road, to out-of-town investor SharonView Corporate Center LLC for $6,250,000. Now more than ever, outside investors are looking to the region for affordable rents, low cost of living, and a desirable talent pool. Plus, thanks to increased tenant demand, new speculative projects are driving a robust development pipeline in Cincinnati.  

Visible from I-75 and I-275, SharonView Center is known for its two, seven-story towers linked by a lobby area on every level—making it ideal for large tenants seeking space in excess of 23,000 square feet on one floor. Prior to the sale, JLL was initially engaged in July 2014 to complete a holistic overhaul of the building's leasing and property management.  

JLL's Sr. General Manager Ralph Shine spearheaded issues with the building's current property management and together with Vice President in JLL's Cincinnati office Todd Pease secured critical tenant renewals to stabilize occupancy. Today, SharonView is 64 percent leased to eight tenants.  Another 57,645 square feet of office space is available for lease. 

Following the upgrade in leasing and management, Allegiance Realty Corporation turned to JLL to sell the building given the firm's in-depth local market knowledge and reach to global buyers. Executive Vice President in JLL's Capital Markets Group Rebecca Wells brought in several out-of-town buyers before coming to an agreement with SharonView Corporate Center LLC.  

"SharonView is just one example of a high calibre property driving interest from out-of-town investors," said Pease. "This turnaround wouldn't have been possible without a collaborative effort across all of the teams, including property management, capital markets and agency leasing. We're thrilled with the outcome." 

The new owner is already underway with improvements to the property, including a new tenant lounge, an upgraded building entrance, as well as parking lot enhancements.  

For more information about JLL's Cincinnati office, visit http://www.jll.com/cincinnati.

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 280 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 $59.1 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.