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News release

Washington

KanAm Grund KAG Takes Trophy Asset to Market in Washington, D.C.

Jones Lang LaSalle exclusive broker for 1899 Pennsylvania Avenue; landmark property expected to garner significant international attention


WASHINGTON, D.C.  JULY 7, 2010 — Frankfurt-based KanAm Grund Kapitalanlagegesellschaft mbH today announced that it has retained Jones Lang LaSalle to market the trophy asset known as 1899 Pennsylvania Avenue in Washington, D.C.  The 186,462-square-foot property, located on the main artery of the city’s Central Business District just three blocks from the White House, will likely fetch in excess of $150 million.
 
Leading the Jones Lang LaSalle team on this assignment are Managing Directors John Kevill and Collins Ege along with Senior Vice President Jim Molloy and Vice President Sean McDermott.  Steve Collins, Managing Director and head of the firm’s International Capital Group for the Americas and client relationship manager for KanAm, will provide support.
 
“This property is sure to garner a great deal of attention from investors in every corner of the globe as 1899 Penn is known as one of DC’s premier landmark buildings--providing some of those most spectacular views in the city overlooking the White House,” said Kevill.  “Following its extremely successful sale of the Evening Star building, KanAm is capitalizing on the scarcity of product available and striking while the dry powder is hot.”
 
Designed by the world-renowned architecture firm of Leo A. Daly, 1899 Pennsylvania Avenue, NW is currently 100 percent leased.  The 186,462-square-foot 11-story property was built in 2002 and features a marble lobby, rooftop terrace, an on-site fitness center and full-time concierge service.  In 2002, the property was awarded the “Best New Office” designation by the Washington Business Journal. 
 
About Jones Lang LaSalle Capital Markets

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. Our Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.
 
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.