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News release

Washington

Jones Lang LaSalle Promotes Sale of GSA Federal Office Building Via Online Auction

Bidding for 7550 Wisconsin Avenue in Bethesda, Maryland begins April 30


WASHINGTON, D.C., March 30, 2010 -- Jones Lang LaSalle announced today that the firm has been retained to market the sale of the General Services Administration’s (GSA) 7550 Wisconsin Avenue, Bethesda, Maryland property via online auction.  Bidding for this well-located property in Bethesda‘s Central Business District will begin on April 30 at 9 AM EDT.  The suggested opening bid is $14 million.

“An online auction offers a transparent and efficient online marketplace for sellers and buyers to meet and transact and is an ideal mechanism to dispose of and monetize vacant and/or underutilized properties such as 7550 Wisconsin Avenue,” said George Crawford of GSA.

“This is a one-of-a-kind opportunity to acquire a unique asset in the heart of one of Washington’s most preferred communities that is home to a highly skilled workforce and close to highway and public transit infrastructure,” said Marc Waddill of Jones Lang LaSalle, which is providing property marketing services.

Located at the corner of Wisconsin Avenue and Commerce Lane, this 10-story property is in the center of downtown Bethesda.  The property is one block from the Metrorail, and offers convenient vehicle access to downtown DC, I-95 and I-495.  Built on 13,860 square feet of land (0.318 acres), the asset comprises 127,110 square feet of gross building area and 119,239 square feet of rentable space.  In addition, there are two levels of underground parking that can accommodate 55 vehicles and ample additional area parking.  The property’s density exceeds current zoning.  Permitted uses in this flexible zoning district include commercial, residential, retail and hospitality uses, as well as transit-oriented development.

Bethesda is a dynamic, business-friendly community that is home to leading Federal and private bio-medical, defense, technology and consumer-facing organizations.  It is a thriving, pedestrian-friendly city with outstanding public amenities such as small-scale retail, arts, and diverse restaurants and nightlife.

Commercial auctions are one of the most expedient ways to maximize asset value by accessing a wide array of pre-qualified investors.  The online format allows sellers to obtain maximum pricing through a transparent bidding process that sets a realistic benchmark for pricing through broader market exposure.  In addition, sellers incur no upfront costs.  Prequalified buyers are given access to GSA’s property due diligence materials.  The auction platform streamlines the sales process and provides closing certainty.
 
Bidding for 7550 Wisconsin Avenue in Bethesda will commence on April 30, 2010 at 9 AM EDT via a 60-day online property auction.  An industry forum on this opportunity will be held on April 28 at the nearby Hyatt Regency Hotel in Bethesda.  For more information please visit www.7550wisconsin.com

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 2009 global revenue of $2.5 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 $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.