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News release

Parsippany, NJ

TIAA and Jones Lang LaSalle Announce 147,000-Square-Foot Office Lease at Morris Corporate Center III


PARSIPPANY, N.J., August 5, 2010 — Jones Lang LaSalle announced today that TIAA has signed a 147,000-square-foot office lease at Morris Corporate Center III with Watson Pharmaceuticals, Inc. The 540,000-square-foot, Class A corporate park, located at 400 Interpace Parkway in Parsippany, N.J., will be the new home for Watson’s administrative headquarters.

The Jones Lang LaSalle leasing team of Susan Mason, Ken Flynn and Fred Hyatt represented TIAA in the transaction. Watson Pharmaceuticals was represented by the Cushman & Wakefield team of John Minervini, Tom Giannone, Mitti Liebersohn, Bill Brown and Josh Cohen.

“We are extremely pleased to have such a highly respected company as Watson join the already impressive roster of tenants that occupy space at Morris Corporate Center III,” stated Laura Palombo, Director, Asset Management, TIAA-CREF Global Real Estate. “We are confident that Watson’s business operations will be well served by the strategic location, quality amenities and efficient design the complex affords.”

Watson Pharmaceuticals currently employs approximately 250 people in New Jersey and projects that total employment at its new office at Morris Corporate Center III could grow to about 500 employees over the next few years.

“We are pleased to have found an exceptional location for our new Administrative Headquarters that will enable us to combine our separate facilities in Morristown and Parsippany, and also support our anticipated expansion,” said Paul Bisaro, President and CEO of Watson Pharmaceuticals, Inc. “After a thorough review of nearly two dozen sites, including locations outside of New Jersey, we are pleased that 400 Interpace/Morris Corporate Center III meets all of the requirements we established for our search.  It provides sufficient space for current and anticipated short-term needs, while providing the flexibility to acquire additional space within the complex should our current projected employment require.  It will also enable us to move to a site that remains convenient for all employees, due to its proximity to Route 80/287, is convenient for customers and business partners, and provides a first-class location for our global administrative headquarters.”

“We look forward to Watson’s continued growth as a major New Jersey employer and business leader in our new facility,” Bisaro added.

Morris Corporate Center III is part of a master-planned, high-end corporate office development on 182 superbly landscaped acres that feature fountains, pedestrian seating areas and walking/jogging trails, all surrounded by lushly wooded grounds.  This office development has easy access to the four-way interchange of I-80, I-287, Routes 202 and 46, with close proximity to I-280 and Routes 24 and 10.

“Morris Corporate Center III has garnered a reputation as one of the premier Class A office environments in the region, with a number of highly respected corporations occupying space within the building,” stated Mason of Jones Lang LaSalle. “In a challenging market, the flight of tenants to quality office buildings has provided us with a distinct competitive advantage in marketing Morris Corporate Center III. The corporate park represents a tremendous opportunity for companies looking to occupy headquarters-quality space in a location that offers both bucolic surroundings, as well as immediate access to numerous regional thoroughfares and daily conveniences.”

The location provides several options for quality dining and convenient retail shopping.  The amenity base at Morris Corporate Center III includes on-site food service, catering, fitness center and building management.  Recent capital improvements include a newly renovated café and seating area, elevator cabs and new electronic directories.

Jones Lang LaSalle serves as exclusive leasing agent and property manager for Morris Corporate Center III, also home to one of the firm’s own regional office locations. 
 
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 Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc. is a leading global specialty pharmaceutical company.  The Company is engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health.  Watson has operations in many of the world’s established and growing international markets. For press release and other company information, visit Watson Pharmaceuticals’ Web site at http://www.watson.com.

About TIAA-CREF Global Real Estate

TIAA-CREF is one of the largest institutional real estate investors in the U.S., with an approximately $48 billion global portfolio of direct and indirect investments (06/30/10). TIAA-CREF originated its first commercial mortgage in 1934 and began direct investment in commercial real estate in 1947. Today, on behalf of individuals, public and private institutions in the U.S. and abroad, TIAA-CREF Global Real Estate directly owns over $13 billion (06/30/10) of primarily high-quality properties in the office, retail, industrial and multifamily sectors across the U.S., Canada, and Western Europe. TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields with $410 billion in combined assets under management (6/30/10).
 
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
 
©2010 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF) New York, NY 10017