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News release

Parsippany, NJ

Jones Lang LaSalle Achieves High Occupancy Levels at Ivy Realty’s Morristown, N.J. Portfolio

Leasing velocity brings buildings to 100 percent and 95 percent occupancy


MORRISTOWN, N.J., August 4, 2010 — Jones Lang LaSalle announced today that Ivy Realty’s 101 Madison Avenue and 55 Madison Avenue, both in Morristown, N.J., have secured approximately 75,000 square feet of new leases and extensions to bring the buildings to 100 percent leased and 95 percent leased, respectively.

The Jones Lang LaSalle agency leasing team of Executive Vice President Susan Mason and Vice President Fred Hyatt serve as the exclusive leasing agent for the properties.

“The recent leasing success experienced at these properties demonstrates the effectiveness of Ivy Realty’s recent capital improvement program and the importance to tenants of occupying space in a location that affords direct access to daily conveniences,” stated Mason.

At 101 Madison Avenue, several new leases and extensions have brought the medical office building to 100 percent leased. The building was recently enhanced by Ivy to include a new parking deck that provides tenants and visitors with flexibility of additional parking.

At 55 Madison Avenue, select new lease transactions include IPC Hospitalist Physicians of New Jersey, P.C., and ZTE (USA) Inc., as well as lease extensions with Waddel & Reed, Wacks & Hartmann, Access IT and HQ Global Workplaces, bringing the building to 95 percent leased.

“We’ve established a track record of continually reinvesting in our properties to meet the requirements of our tenants now and in the future,” stated Marion Geddes, Executive Vice President of Ivy Realty. “In this competitive marketplace, we realize that companies desire a landlord that is responsive to their businesses’ needs, and we are extremely pleased that the capital improvements we have made to both 101 Madison Avenue and 55 Madison Avenue have been so well received by the existing and new tenants of these buildings.”

Jones Lang LaSalle was able to generate sustained leasing activity at both buildings by successfully marketing their numerous strategic advantages, including their highly desirable locations to Morristown’s downtown business district, which provides tenants with direct access to numerous restaurants, shops and amenities, like the Morristown Green. In addition, 101 Madison Avenue is located directly across the street from Morristown Memorial Hospital and is in close proximity to three other major area hospitals: Saint Barnabas, Overlook Hospital and Saint Clare’s.
 
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 $38 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.

About Ivy Realty

Ivy Realty was founded in 1996 to acquire commercial real estate in the northeastern United States. Since its inception, Ivy has built a reputation as one of the finest real estate operators in the tri-state market having acquired over $1 billion in commercial real estate assets. Today, Ivy Realty is a full service real estate company offering asset management, property management, accounting, construction and leasing services.