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News release

New York

JLL arranges $100M for Savanna to build 106 West 56th Street

United Overseas Bank, Canyon Partners Real Estate provide construction financing


 NEW YORK, Sept. 19, 2017 – JLL's Capital Markets experts today announced the firm secured $100 million on behalf of Savanna and Atom Assets to fund the construction of 106 West 56th Street, a 26-story boutique Class A office tower in Manhattan's coveted Plaza District. United Overseas Bank provided senior construction financing and Canyon Real Estate Partners provided the mezzanine financing. ​

Managing Director Kellogg Gaines and Executive Vice President Aaron Niedermayer led the JLL team on the financing.

"New York remains an incredibly attractive space to build high-end office product," said Gaines. "Lenders both domestic and abroad are comfortable with the city's dynamics, which made this a competitive process."

Added Niedermayer, "With floor plates between 2,500 and 4,500 square feet,106th West 56th Street will offer smaller tenants the opportunity to occupy their own floor – something almost unheard of in this location and in the luxury office market. Despite no pre-leasing, we were able to demonstrate to lenders the depth of the luxury office market and the fact that nothing like this project exists in the market today for smaller tenants."

Once completed, 106 West 56th Street will cater to the established luxury office market in Midtown, where 1.8 million square feet of office space with rents of at least $100 per square foot were leased in 2017. The 90,000-square-foot, 26-story building will offer smaller tenants the unique opportunity to have their own floor, club-like amenities, Central Park views starting on the 18th floor and several outdoor terraces.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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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 $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 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.