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News release

PHOENIX

Renovated Class A Campus Positioned to Fill Tempe Office Demand

JLL earns leasing assignment for Two-Building project at Fountainhead Corporate Park


PHOENIX, February 22, 2017 – The Phoenix office of JLL has earned the leasing assignment for Park Garden and Park Bridge at Fountainhead, a recently renovated, two-building Class A office campus positioned to meet high demand for the Airport and Tempe markets, but at a fraction of nearby rental rates.

JLL Managing Director John Bonnell, Senior Vice President Brett Abramson, Vice President Chris Latvaaho and Associate Joe Charles have been awarded the Fountainhead leasing assignment by property owner Cypress Office Properties and Harbert Management Corporation.

"In the past 12 months, Phoenix has ranked second in the nation – behind only Chicago – for total office space absorption," said Bonnell. "The Fountainhead campus is owned and meticulously managed by a very strong ownership group. This makes it a prime option for tenants seeking modern, high-amenity space that is only minutes from downtown Tempe and Phoenix, but at a price point that is as much as 40 percent lower than nearby, north Tempe office rents."

Park Bridge and Park Garden are located at 1501 and 1620 W. Fountainhead Pkwy. in Tempe, with direct frontage to I-10 and almost equidistant from Sky Harbor International Airport and downtown Tempe. Park Bridge at Fountainhead totals six stories and 164,785 square feet of lakefront, Class A office space. Park Garden at Fountainhead totals six stories and 127,226 square feet of Class A office space with frontage on I-10.

Both buildings were renovated in 2016 and now feature upgraded lobbies, new outdoor tenant areas, enhanced landscaping and spec suites. "These are notable enhancements that speak to companies needing a polished, Class A, central office location but who don't need to pay north Tempe prices for their space," said Abramson.

Additional on-site amenities at the Fountainhead campus include Lucy's Fountainhead Café and an extensive park-like campus with serenity areas, ponds, waterfalls and fountains. The buildings at Fountainhead offer numerous points of ingress and egress, and are within minutes of downtown Phoenix, downtown Tempe, Arizona State University, Arizona Mills Mall and Sky Harbor International Airport.

The property is currently 69 percent occupied by tenants including State Farm, Centene, Provision and Heartland.

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. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000. On behalf of its clients, the company 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. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

In Phoenix, JLL is a market leader employing more than 560 of the region's most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2016, the Phoenix team completed 34 million square feet in lease and sale transactions valued at $1.5 billion, directed $105 million in project management and currently manages a 25.2 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit www.jll.com or www.jll.com/phoenix

About Cypress

Cypress Office Properties, LLC is a San Diego-based real estate investment and operating company that specializes in acquisitions and asset management of value-add, core plus, and redevelopment office properties in key markets within the Southwest United States.

About Harbert Management Corporation

Harbert Management Corporation (HMC) is an independent investment firm focused on fundamentally-based private and public market strategies. HMC seeks investments forecasted to yield mid- to high-teen returns. The company's mission is to provide strong and consistent returns to help our clients meet their investment objectives and preserve initial investment capital. HMC is an opportunistic investor who invests alongside its clients on equal terms and conditions. For more information, visit www.harbert.net.