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News release

Seattle

JLL completes $70.75M sale of Redstone Corporate Center I and II


SEATTLE, April 2, 2018 – JLL's Capital Markets experts today announced the sale of Redstone Corporate Center I and II (RCCI and RCCII) in Lynnwood and Mountlake Terrace, Washington on behalf of Talon Private Capital and PCCP. Westport Capital Partners purchased the project for $70.75 million. 

Located in one of the country's most desirable investment markets, the office buildings are situated along Interstate 5, with convenient access to downtown Seattle and Bellevue. RCCI and RCCII are among the highest quality office buildings in the north end of the Seattle metro with unique architectural design, balconies, numerous corner offices and stunning views. Floor-to-ceiling windows offer views of the nearby Cascade and Olympic mountains. The two Class A office buildings are 329,964 square feet in total.

Managing Directors Lori Hill and Stuart Williams led the JLL team on the sale.

"The northern tip of Seattle's urban sprawl is a hotbed of activity, a preferred location for employers and tenants, and benefits from being more cost effective than the Seattle and Bellevue cores," Hill said. "In addition to the value of the buildings themselves, the Puget Sound market is one of the strongest in the country."

"The combination of strong demographics, no new development and a decrease in vacancy from 14.2 percent to 11.6 percent over the last 24 months has led to lease rates for RCCI and RCCII increasing 9.8 percent and 10.3 percent, respectively, over the same time period," added Williams.

The properties are located near Alderwood Mall, which is one of the region's largest shopping, dining and entertainment hubs serving the affluent nearby suburbs. The shopping center is within walking distance from RCCI and an eight-minute drive from RCCII.

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.

For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world. 

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

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 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.