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News release

Washington

Jones Lang LaSalle Closes Transaction in the East End of Washington, DC


WASHINGTON, D.C.  MAR. 26, 2010 — Building upon successful sales earlier this month in the Washington, D.C. submarkets, Jones Lang LaSalle announced today that it has closed on the disposition of an additional asset in the Nation’s Capital.  The team secured the sale of the YWCA’s building located at 624 9th St., NW to MRP Realty for $21 million.
 
Leading the Jones Lang LaSalle team on this transaction were Managing Directors Collins Ege and John Kevill, Senior Vice President Jim Molloy, Vice President Sean McDermott and Associate Bradley Allen.
 
The asset is a nine story, 95,718-square-foot building located in the heart of the East End submarket near the Verizon Center.  It sits prominently on the corner of Ninth and G Streets across from the National Portrait Gallery with unmatched site lines to the North, South, and East.  The property was 50% leased at the time of sale and will be significantly redeveloped by MRP upon expiration of the existing tenancy. 
 
“This sale reiterates that investors, both local and international, continue to focus on the Washington, D.C. market.  The asset, received more than a dozen offers in a limited marketing campaign,” said Molloy.  “As the market continues to improve, this region will remain the top investor location due to its position as the seat of government, positive job creation and considerable barriers to entry for new product.” 
 
In the last month, Jones Lang LaSalle’s Washington Capital Markets group has closed four deals exceeding $130 million in four separate investment sales transactions in the Washington Metropolitan Area.
 
About Jones Lang LaSalle Capital Markets
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. Our Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.
 
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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