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News release

Phoenix, AZ

JLL Increases Albuquerque Presence With $8.7 Million Raytheon Building

Partners with ARGUS Investment Realty on Sandia Science and Technology Park asset transaction


PHOENIX, October 24, 2017 – The Phoenix office of JLL has extended its reach to Albuquerque, partnering with New Mexico-based ARGUS Investment Realty to complete the sale of an $8.7 million building within Sandia Science and Technology Park. The building will facilitate the local expansion of technology and innovation leader Raytheon Company (NYSE: RTN), who has fully leased and is currently improving the facility for a fall 2017 occupancy.

JLL Senior Managing Director Dennis Desmond and Senior Vice Presidents Tivon Moffitt and Peter Bauman worked closely with ARGUS President Scott Throckmorton to represent the building seller, KTP Holding Company Inc. The property buyer is Chicago-based Bulbul Albuquerque LLC.

The 72,100-square-foot, Class A Raytheon building is located at 10800 Gibson Blvd. SE, on the northeast corner of Gibson Boulevard SE and Innovation Parkway SE, within the Scandia Science and Technology Park. Built in 2006, it includes two floors of office space totalling approximately 34,900 square feet and one high bay area adding an additional 37,200 square feet. The building can be expanded by an additional 32,300 square feet of high bay area, with the land to support a corresponding parking expansion, should the tenant desire.

Raytheon Company has been a major tenant in Albuquerque's Sandia Science and Technology Park since 2011, recently adding several new contracts that require the company to expand its presence in the area.

"After an exhaustive search for a Class A facility meeting its specific needs, Raytheon concluded that 10800 Gibson building was an ideal solution and entered into a lease there," said Throckmorton. "Raytheon is currently making substantial improvements to the property and plans to occupy the space in the fourth quarter of this year."

"Raytheon's exceptional reputation and impressive financial position attracted many investors from across the country to this investment opportunity," said Moffitt. "The building's excellent location within the Sandia Science and Tech Park, and Raytheon's ability to continue to grow at this site, only added to that interest."

Massachusetts-based Raytheon Company is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. Founded in 1922, the company employs 63,000 and serves customers in more than 80 countries across the globe.

The Sandia Science and Technology Park totals more than 300 acres and is home to over 40 companies and 2,000 employees. It is located approximately eight miles east of the Albuquerque International Airport and sits adjacent to the multi-billion-dollar Sandia National Laboratories and the Air Force Research Laboratory.

Martina E. Nemmer, license #17418, is JLL's designated broker for New Mexico.

 

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.

In Phoenix, JLL is a market leader employing more than 560 of the region's most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2016, the Phoenix team completed 34 million square feet in lease and sale transactions valued at $1.5 billion, directed $105 million in project management and currently manages a 25.2 million-square-foot portfolio. For more news, videos and research resources on JLL, please visit www.jll.com or www.jll.com/phoenix.