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News release

Baltimore, MD

JLL Joins Marketing Efforts For Port Covington Development

BALTIMORE, October 18, 2017 – JLL announces today that it acted as capital markets advisor to Sagamore Development Company in its efforts to raise capital for Port Covington, a 235-acre, master-planned, mixed-use redevelopment project in Baltimore.  JLL's Steven Collins, Head, Capital Advisors, JLL Americas, assisted with marketing the investment opportunity and are actively engaged in bringing continued outside investment and commercial capital to Baltimore City and Port Covington.

Last month, Sagamore announced that Goldman Sachs committed $233 million as an equity investor to jointly own the project and develop the infrastructure in Port Covington. JLL advised Sagamore on the equity raise with Goldman Sachs.

"As we began to informally market the project in 2016, we immediately received tremendous interest from both domestic and foreign investors," said Collins. "When we officially went to market this spring, the interest was even stronger. It's not every day that you get the opportunity to help build one of the largest urban redevelopments in the country, and that combined with Sagamore Development's track record was attractive to investors. In the end the Goldman Sachs Urban Investment Group (UIG) was the perfect fit for Port Covington. The Goldman Sachs UIG shares a common vision for urban economic growth, job creation and local workforce development in Baltimore City. Together the two will be a significant catalyst for the continued renaissance of Baltimore."

Port Covington is one of the largest urban renewal efforts in America. When complete, the project will include up to 18 million square feet of new, mixed-use development, 2.5 miles of restored waterfront, and 40 acres of parks and green space. The result of Goldman Sachs' investment – and future investments – is expected to create thousands of jobs, build new residential housing, attract new businesses, and provide new opportunities for Baltimore City residents and its workforce.

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


About Port Covington: Port Covington is a 235-acre master-planned, mixed-use redevelopment project, with a prime location on the waterfront in Baltimore City. As one of the largest urban renewal efforts in America, the redevelopment of Port Covington will have a fundamental and far-reaching positive impact on Baltimore, its economy and its future. At completion, this 25-year project will include: up to 18 million square feet of new, mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space for Baltimore City. The Port Covington redevelopment is expected to generate thousands of new jobs, new businesses, better transit, more public parks, improved access to the waterfront, new space for manufacturing, fresh opportunities for innovation and entrepreneurship and more for Baltimore City residents and its local workforce. Port Covington's location is adjacent to I-95, the East Coast's most traveled highway, providing convenient and efficient commuting and travel times for the area's workforce, residents, tourists and other visitors. In addition, Port Covington's proximity to I-95 offers visibility and accessibility to 42 million cars passing by the site each year. When completed, Port Covington will be a world-class destination and engine for economic growth, with vibrant retail and entertainment options, iconic office buildings, hotels, residential, and waterfront parks. For more information, please visit