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News release

HOUSTON

Davis Holdings, L.P. Purchases 33,000-Square-Foot Office Building in Houston

JLL represents Davis Holdings in the purchase of 100-percent leased Midtown property


HOUSTON, Feb. 16, 2017 – On behalf of Davis Holdings, L.P., JLL today announced the oil and gas, real estate investment company has purchased a 100-percent leased, 33,000-square-foot office building at 1500 McGowen Street in Houston, Texas.

JLL's Louis Rosenthal negotiated the terms on behalf of Davis Holdings. David Husid and Brandi McDonald of Newmark Grubb Knight Frank represented the seller, Skyland Lodge Tract, L.P.

"Davis Holdings was attracted to the property's accessible location, proximity to downtown and adequate parking," said Rosenthal. "Fully renovated and located in Midtown's growth path, the building should prove to be a great investment for the firm."

1500 McGowen is a two-story, Class B office building located at the corner of La Branch and McGowen Streets in Houston's Midtown submarket. The property's location provides convenient access to Houston's Central Business District, U.S. Highway 59 and the city's METRORail train system. Originally built in 1972 and renovated in 2002, the property features loft-style office space with modern building systems.

With just 4.1 million square feet of Class A and B office space, Midtown is one of Houston's smallest office submarkets. Its niche location, however, helped the submarket perform well throughout 2016, closing the year with 2.1 percent positive net absorption.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.