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News release

Denver

Jones Lang LaSalle Bolsters Industrial Team in Denver

Firm adds Peter Beugg and Tyler Reed to grow industrial practice


DENVER, April 23, 2010 — Jones Lang LaSalle announced today that it has hired two top industrial brokers to broaden its expertise in Denver.  Peter Beugg joins as Vice President and Tyler Reed comes aboard as a Senior Associate.  Together with the existing Jones Lang LaSalle industrial team, they will provide expert counsel to individuals and companies leasing, purchasing, developing and disposing of industrial properties throughout Denver and across the entire Rocky Mountain Region.

“In the last year, we’ve more than doubled our industrial practice in Denver due to client demand,” said Jones Lang LaSalle Market Director for Denver, Barry Dorfman.  “The addition of Peter and Tyler to the firm will be a boon to clients who have come to expect the highest caliber talent from Jones Lang LaSalle, and the results to go along with it.”

Peter Beugg has nearly a decade of experience within the brokerage community, including tenant representation, building sales and leasing, investment sales, land sales, corporate real estate services, and market trend analysis.  He is a member of both the National Association of Industrial and Office Properties (NAIOP) and the Denver Metro Commercial Association of Realtors (DMCAR).  He is also a candidate for the Society of Industrial and Office Realtors (SIOR) Certification, as well as Certified Commercial Investment Member (CCIM).  Beugg received a bachelor of arts degree in economics and organizational communications from Miami University (Ohio).

Tyler Reed has five years of experience specializing in industrial building sales and leasing, plus experience working as a lender on the banking side of the business.  Prior to his real estate work, he spent six years as a Regional Operations Manager for a heavy manufacturing firm that is located throughout the U.S.  Reed received his bachelor of science degree in management information systems from Miami University (Ohio).  He is on the board of directors for Union Station Advocates (USA) which is involved with the redevelopment of Denver’s Union Station in Lower Downtown.

Mitch Zatz, Senior Vice President and Leader of Jones Lang LaSalle’s Rocky Mountain industrial practice added, “Peter and Tyler are South Denver industrial market experts and they make an excellent fit for the firm’s existing industrial practice.  Their expertise, along with Jones Lang LaSalle’s global platform, will provide clients with an unparalleled industrial market profile.”

Overall demand and activity within Denver’s industrial market picked up slightly during the first quarter owing to a renewed sense of optimism. Vacancy rates ended the quarter at just over eight percent and are expected to stabilize over the course of the year due to the large number of leases signed during first quarter and a controlled pipeline of new supply. There is only 678,000 square feet of space currently under construction and 97 percent is pre-leased.

Moderate positive absorption is expected throughout the remainder of the year; while activity and market sentiment have increased, developers and investors are still slow to execute deals as tight lending conditions prevail.
 
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.