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News release

New York

Jones Lang LaSalle Closes $23 Million Sale and Partial-Leaseback of Commercial Loft in TriBeCa

TriBeCa White Street, LLC purchased 60-66 White Street from BlumbergExcelsior Inc.


NEW YORK, APR. 16, 2010 — Jones Lang LaSalle announced today it has closed the sale of a commercial loft building in New York’s TriBeCa neighborhood for BlumbergExcelsior Inc.  BlumbergExcelsior will continue to leaseback a portion of the building, which was sold to TriBeCa White Street, LLC for $23 million, or $514.00 per square foot. The property is located at 60-66 White Street.
 
Leading the Jones Lang LaSalle team on this transaction was Managing Director Peter DeCheser and Associate Rick DeRuyter.
 
“This fully leased commercial loft sits in one of the most sought-after locations in all of Manhattan and presented an exceptional prospect for a savvy investor as it traded at a cap rate of 4.78 percent,” said DeCheser.  “We received numerous offers from investors both nationally and internationally, but it was TriBeCa White Street, LLC that truly captured the long-term opportunity and ran with it.”
 
Added Robert H. Blumberg, President of BlumbergExcelsior Inc, “I have completed many real estate deals over the years, but never has the experience been so positive.  Our family business has prospered in these very buildings for 40 of our 123 years, and we feel certain that the new owners have a similar respect and appreciation for these truly historic architectural landmarks.”
 
The property consists of three contiguous five-story retail and loft buildings located on the north side of White Street between Church Street and Broadway.  The 44,800-square-foot historic, cast-iron structure is zoned both commercial and residential.
 
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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