Skip Ribbon Commands
Skip to main content

News release

Washington, DC

Jones Lang LaSalle Closes $18.5 Million Office Sale in Suburban Virginia


WASHINGTON, D.C., January 5, 2009 - Jones Lang LaSalle, acting as exclusive representative for the seller, has closed the sale of Loudoun Tech Center to Franklin Street Properties for $18.5 million.
 
Leading the Jones Lang LaSalle team were Managing Directors Collins Ege and John Kevill, and Senior Vice President Jim Molloy.
 
“Although the markets continue to experience extreme volatility, there are investors that have available cash to place when the right opportunity is presented,” noted Jim Molloy, Senior Vice President, Jones Lang LaSalle.  “The Washington region remains an excellent location for investors; however, the current capital markets environment requires perseverance to identify the correct purchaser with an appetite for the deal, optimal pricing, and most important, the capacity to complete the transaction.”
 
Loudoun Tech Center, located immediately off the intersection of Route 28 and Route 7 in the heart of Loudoun County, Virginia includes one Class A office building and one flex building totaling 135,888 square feet.  The property is adjacent to Dulles Town Center, a two-level mall boasting over 185 stores, major retailers and numerous restaurants, and five miles away from Washington Dulles International Airport.
 
The property was a build-to-suit for the German firm Giesecke & Devrient and serves as its US headquarters location with on-site production capabilities. The buildings are 100% NNN-leased to Giesecke & Devrient through February 2015 with two 5-year renewal options.
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.  The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product.  The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide secondary loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  Collectively, the firm's Capital Markets team handled $82 billion in annual transaction volume in 2007.
 
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 2007 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 1.2 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the worlds largest and most diverse in real estate with $53 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619