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News release

Charlotte, NC

BECO South Re-Names University Property ‘Innovation Park’

Jones Lang LaSalle brought on to handle listing as broker takes on its first major listing in Charlotte


CHARLOTTE, N.C. (July 2, 2010) BECO South LLC, new owners of the University area’s largest commercial property, has re-named the 1.9 million square-foot campus “Innovation Park” in tribute to the site’s heritage and the comprehensive revitalization program underway. BECO has also selected Jones Lang LaSalle as its leasing partner for the property.

 “This property has an incredible legacy – for the past 30 years, it has been at the nexus of creativity and commerce in Charlotte,” said Chris Epstein, president of BECO South LLC, a Charlotte-based division of BECO Management.  “We wanted to acknowledge that heritage while also looking forward to the future. Conceptually, the process of ‘innovating’ acknowledges the past, enlightens the present, and embraces the future; given the site’s history and the 200-acre campus setting, the name ‘Innovation Park’ was a natural choice.

“We are planning a major rollout of amenities, and with that we’ll be taking on the responsibility of employee services – giving our tenants the freedom to focus on their core competencies while we stick to our 25-year track record of delivering services extraordinarily,” Epstein said. “Innovation Park aims to become one of the most dynamic corporate environments not only in Charlotte, but the entire country.”
 
Innovation Park, originally built by IBM in the 1980s and known most recently as Meridian Corporate Center, offers some of the largest blocks of commercial office space in
the Charlotte region, ranging from 150,000 to 500,000 square feet. Having committed $25 million toward the first phase of amenities and revitalizations, BECO is in the final stages of its planning process.  In addition to renovations of buildings and common areas, major new improvements include unique amenities such as food choices, fitness centers and a five-star child care solution as well as development of structured parking and significant upgrades to landscaping, navigational signage and way-finding elements.

To market the park’s unique offerings, BECO South has entered into a leasing partnership with commercial real estate firm Jones Lang LaSalle, which is initiating its first assignment in landlord leasing in Charlotte. With 36,600 employees worldwide, Jones Lang LaSalle, a global real estate services firm headquartered in Chicago, has played a prominent role in Charlotte’s tenant broker community since 1999.

“Jones Lane LaSalle has the commercial relationships and proven track record to ensure that we can connect with businesses in Charlotte, across the region and around the world that are looking for a truly innovative work environment,” Epstein said.  “This firm’s demonstrated commercial real estate skills and knowledge of the Charlotte market are ideal for helping us communicate the exciting attributes of Innovation Park to businesses seeking a workplace unlike anything else in this region.”  

BECO Management has had a long-term relationship with Jones Lang LaSalle in other markets where BECO owns and manages corporate properties, making the partnership in Charlotte a natural next step. 

“Jones Lang LaSalle has a strong international platform and great experience in working with landlords on leasing assignments,” said Blair Bryan, managing director at Jones Lang LaSalle’s Charlotte office. “We’ve represented a number of tenants at Innovation Park over the years, so it’s with great enthusiasm that we’ll be helping to guide the future of Innovation Park.

“Innovation Park is renowned for its great location for office, data centers and industrial users,” Bryan said. “With the amenities and other changes being implemented by BECO, we anticipate that it will soon be a major Charlotte landmark once again.”
 
Innovation Park currently has 700,000 square feet under lease including Areva, Hewitt Associates, Wainwright Industries, Viance Engineering, Strayer University, Enterprise Leasing Company-Southeast and IBM. 

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.
 
About BECO South
BECO South LLC, based in Charlotte, N.C., is a division of BECO Management, which directly owns and manages a portfolio in excess of 5.5 million square feet of commercial property throughout the Washington-Baltimore and Charlotte, N.C., metropolitan areas. Innovation Park marks BECO’s first initiative in the Southeast where it will continue the company’s tradition of revitalization and long-term ownership, management and leasing of formerly distressed properties. Engaged, highly-motivated BECO team members are crucial to the proper nurture of BECO tenants and the execution of BECO’s ideals.  Toward that end, twice over the past five years BECO has been named one of the Top Ten Best Places to Work in Metropolitan Washington, D.C., by the Washington Business Journal.  As a new division, BECO South carries forward that spirit of treating others just as we treat ourselves; BECO properties are recognized for their extensive offering of value-added amenities, ranging from fitness centers and well-appointed common areas to walking trails and speakers’ series. www.InnovationPark.com.