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News release

NEW YORK

JLL Selected to Lease 10 Jay Street in DUMBO, Brooklyn

Firm to lease historic former sugar refinery along DUMBO Waterfront


NEW YORK, May 31, 2017JLL was selected by Glacier Global Partners and Triangle Assets as exclusive leasing agents for 10 Jay Street, a fully renovated office building along the waterfront in DUMBO, Brooklyn. The firm will provide a full range of office leasing and marketing services for the landmarked Class A, 225,000-square-foot office building.

The JLL professionals overseeing the leasing assignment includes Mitchell Konsker, vice chairman; Michael Berg and Howard Hersch, managing directors; and Benjamin Bass, senior vice president.

"New York's most creative companies are beginning to consider DUMBO for their new office space needs," said Hersch. "The combination of historical character, modern infrastructure with a glass curtain wall and prime DUMBO location with views of the East River, Midtown and Lower Manhattan make 10 Jay Street highly appealing to creative tenants."

10 Jay Street, the former Arbuckle Brothers Sugar Refinery, was constructed by George M. Newhall Engineering Co. Ltd. for the Arbuckle Brothers in 1897 and served as a gateway building for the coffee and sugar trade. The current owners are re-developing the property in a manner that preserves the rich history of the building coupled with state-of-the-art features.

The redevelopment was designed by ODA Architects and includes a new crystalized glass façade, along with four new elevators, a new lobby and more than 15,000 square feet of outdoor amenity space. Located directly on the East River within the Brooklyn Bridge Park, the 10-story building offers a total of 225,000 square feet of office space, with 180,000 square feet available for lease. The 10th floor includes a 10,000-square-foot private outdoor terrace and a 5,000 square foot communal roof deck with panoramic views of the Manhattan skyline.

In addition to 10 Jay Street's distinctive glass curtain wall, the building will feature direct access to Brooklyn Bridge Park. Historic elements have been salvaged and reused throughout, and echo the area's industrial past. These include the footings of industrial buildings found during construction, original barrel-vaulted terra-cotta ceilings, and original Belgian block and railroad tracks from the Jay Street Plaza.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,400 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2016, the New York tri-state team completed approximately 28.2 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $12.0 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 146.7 million square feet.

About Glacier Global Partners

Glacier Global Partners is a fully integrated New York-based commercial real estate investment firm focused on equity investments in core and opportunistic assets as well as debt financing. The company's management team has over 100 years of cumulative industry experience, $30 billion of closed equity and debt transactions, and over 2 million square feet of completed development projects. The company's value-add strategies are designed to provide superior returns by targeting transitional assets/locations, re-positioning strategies and conversions of existing properties, as well as ground up development of properties located in the NYC metropolitan area.

About Triangle Assets

Owned and operated by the Stavrach family for over 30 years, Triangle Assets has been a prominent and active participant in the New York real estate arena. Triangle Assets has achieved an outstanding level of success by maintaining a keen ability to recognize and capitalize on unique investment opportunities. Its depth of experience and insight enables them to identify undervalued assets along with the causes for their current valuation. Triangle Assets' resources and relationships provide the group with the purchasing power to act quickly and close on opportunities efficiently. Through a variety of methods, Triangle Assets is able to reduce operating expenses while making capital improvements which will reposition the property as an attractive asset for resale at significant profit. Triangle Assets has been able to consistently produce triple digit growth in the value of its assets.

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 the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 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.