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News release

HOUSTON

Multimillion Dollar Office Renovation Underway at 5300 Memorial Drive in Houston

Tenants remain committed to niche location during improvements


HOUSTON, Oct. 18, 2016 – On behalf of Equus Capital Partners, JLL today announced 5300 Memorial, an 11-story, 153,000-square-foot office building in Houston, Texas, is undergoing a multimillion-dollar renovation.

"5300 Memorial's distinct location has always been a notable contributing factor to the property's continual success," said JLL's Jessica Ochoa. "With the execution of Equus' capital improvements, the building will provide existing tenants a contemporary and attractive work environment and prospective tenants an even more compelling value proposition."

Built in 1983 and renovated in 1993, the building's common areas, including its entry, ground floor lobby, elevator lobbies and cabs, corridors and restrooms will be remodeled and modernized. Specific improvements will include a new building monument sign, a contemporary lobby coffee bar, hotel-grade restroom finishes and LED lighting in common areas. Ziegler Cooper Architects and Basic Builders were retained as the design build team on the project, which is slated for completion in the first quarter of 2017.

5300 Memorial is located in the Midtown submarket between Memorial Park and Buffalo Bayou Park. Tenants have shown a commitment to the property for its accessible and amenity-rich location, as well as its affordability compared to surrounding submarkets such as Houston's CBD, The Galleria and Greenway Plaza.

JLL's Jessica Ochoa and Russell Hodges lead the leasing efforts at 5300 Memorial on behalf of Equus and recently completed two lease renewals at the building.

The Shanks Law Firm, represented by Morgan Relyea of Cushman & Wakefield, renewed an 8,463-square-foot lease. Additionally, A. Randall Camacho, PLLC, represented by Lee & Associates' Travis Taylor, renewed a 3,523-square-foot lease.

According to JLL research, the Midtown submarket encompasses more than 4 million square feet of Class A and B office space and has posted positive net absorption of 1.8 percent in 2016.

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

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. ​