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News release

Washington

Jones Lang LaSalle Closes $53.65 Million in Washington, D.C.-Area Sales


WASHINGTON, D.C.  MAR. 23, 2010 —In yet another indication of the continued and increasing interest in the Washington, D.C. market from investors of every caliber, Jones Lang LaSalle announced today it has closed two office building sales totaling $53.65 million in the D.C. submarkets.  The team secured the sale of America’s Capital Partners’ building called 3300 75th Avenue in Landover, Maryland to a long term institutional owner and the sale of Monday Properties’ 2990 Telestar Court in Merrifield, Virginia to Inova Health Care Services.
 
Leading the Jones Lang LaSalle team on these transactions were Managing Directors Collins Ege and John Kevill, Senior Vice President James Molloy, Vice President Sean McDermott and Associate Bradley Allen.
 
The building located at 3300 75th Avenue is 100 percent leased to the GSA on behalf of the Department of Defense through September 2019.  It is a mission critical defense operations facility, in which the federal government has invested considerable capital.   The interior of the building has been completely renovated and upgraded since 2004 to meet the DOD’s needs. They have invested over $30 million in infrastructure costs to meet the unique requirements of the user.  The 269,979-square-foot building comprises three stories and 445 surface parking spaces.
 
“The strength of the GSA lease in addition to attractive assumable financing enabled us to complete marketing and due diligence in only 60 days,” said Molloy.  “The appealing cash yields, ten-year term, and unparalleled GSA credit enticed numerous investors of all types to aggressively pursue the offering.  The Washington Metropolitan area continues to be the most appealing market in the country and we created a highly competitive process that resulted in favorable pricing for our client.”
 
The building known as 2990 Telestar Court is located in the Merrifield submarket of Northern Virginia, immediately off the intersection of the Capital Beltway (I-495) and Route 50.  The 84,207-square foot building has four stories with two floors currently leased to Inova Health Care Services through December 2010. 
 
“The Telestar Court property would have offered investors a rare opportunity to acquire an exceptionally well-located asset priced substantially below replacement cost,” said Kevill.  “Inova recognized the strengths of the asset in addition to its strategic interest in the property, particularly the location adjacent to its headquarters and ultimately decided to purchase the asset to secure its long-term real estate needs.” 
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from surplus buildings to raw land to entitled parcels and partially-completed subdivisions.  The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
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