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News release

Parsippany, NJ

Jones Lang LaSalle Leases 252,871 SF in New Jersey in Q1 2010


PARSIPPANY, N.J., April 19, 2010 — Jones Lang LaSalle has announced that the Parsippany-based tenant representation team of Senior Vice Presidents Steve Fleming and Shawn Straka have facilitated significant leasing activity in the first quarter of 2010, with five deals totaling 252,871 square feet.

“The transactions we have completed in the first quarter of 2010 include warehouse, office and R&D space in various markets throughout the state, which is a strong reflection of our team’s ability to facilitate a variety of transactions based on our clients’ needs,” said Straka. “Our recent efforts are a testament to our successful track record negotiating advantageous lease terms on behalf of our corporate clients.  It also demonstrates an uptick in market activity.”

The team’s first quarter leases include:
  • SHI International, Corp, a global provider of information technology products and services, renewed its lease for 140,000 square feet of warehouse space in Somerset, NJ.

  • Medcore Pharma, a specialty pharmaceutical company that develops, manufactures and markets generic pharmaceutical products, signed a new lease for 24,000 square feet of research and development space in Somerset, N.J.

  • Telcordia Technologies, a leading global provider of fixed, mobile and broadband communications software and services, renewed its lease for 47,857 square feet of office space at One River Centre, 331 Newman Springs Road in Red Bank, N.J.

  • SAIC, a Fortune 500 scientific, engineering and technology applications company, renewed its lease for 22,781 square feet of office space at One River Centre, 331 Newman Springs Road in Red Bank, N.J.

  • Secova, an HR and benefits management services company focused on helping clients control and drive down the costs of their health and welfare benefits offerings, signed a new lease for 18,233 square feet of office space at 1800 Route 33, in Wall N.J., to accommodate the company’s growing call center operation.

According to Fleming, “The commercial real estate market today is an opportunistic time for companies to reevaluate their commercial real estate needs and capitalize on aggressive rental rates and incentive packages currently available.  We expect tenant-favorable conditions to continue through 2010 and into early 2011.” 

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 1.6 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 approximately $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.