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News release

Dallas

Jones Lang LaSalle Executive Named as Receiver of Valley View Center in Dallas

Mall remains open for business as usual


DALLAS, Aug. 12, 2010 — Rick Vita of Jones Lang LaSalle has been appointed as receiver of the 1,635,000-square-foot mall, Valley View Center in Dallas.  As the receiver, Mr. Vita is responsible for controlling and directing the asset until a resolution between the lender and borrowers is achieved.  Effective immediately, Jones Lang LaSalle will be responsible for managing the mall and advising on the best course of action for the mall going forward.  The mall will remain open for business as usual.

“We are well positioned to provide the most comprehensive and dynamic services on this important assignment,” said Greg Maloney, President and CEO for Jones Lang LaSalle Retail.  “Our management team is fully engaged in keeping the mall running smoothly.  We are open for business and welcome the entire community to continue shopping at the mall.”

As a receiver, Vita was appointed by the courts to work closely with lenders and borrowers to control and direct the use of the asset until resolutions are achieved.  Although receivership designations vary state by state, they share the same premise of appointing independent managers to assume fiduciary responsibility.  During the receivership process, the receiver chooses the most appropriate firm to manage and lease the asset, and provides recommendations for the most profitable outcome of the asset including the possible sale of the asset.  

Jones Lang LaSalle and its executives are leading court-appointed receivers on more than 45 assets throughout the country.
 
About Jones Lang LaSalle Retail

As the leading retail service provider, Jones Lang LaSalle Retail manages the largest third-party retail portfolio in the country.  The firm's 94 million-square-foot retail portfolio consists of more than 300 regional malls, strip centers, power centers, lifestyle centers, ground-up development projects, mixed-use centers, transportation terminals and over 6,000 retail ATM's and bank branches across 50 states. Globally, Jones Lang LaSalle (NYSE: JLL) has a retail portfolio of 275 million square feet of property under management and leasing, including more than 9,500 retail locations on four continents. Jones Lang LaSalle is the only global real estate services firm with a team of dedicated, full-time experts who deliver comprehensive and globally integrated services in Energy and Sustainability under one umbrella. The firm offers leading-edge, industry-unique technology, training and tools in energy and sustainability to maximize the benefits for its clients and the greater community. For more information on Jones Lang LaSalle Retail, visit www.jllretail.com.