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News release

Chicago

Jones Lang LaSalle Sells 684,000-SF Former Campbell’s Soup Plant

Largest industrial building to sell in Chicago this year


CHICAGO, Sept. 23, 2010 — Jones Lang LaSalle announced today that it has sold a 683,700-square-foot former Campbell’s Soup processing plant in Chicago to a private foreign investment group.

The building, which is located at 2600 W. 35th Street on the southwest side, is the largest industrial property to trade hands in the city thus far in 2010.

Len Caldeira, Scott Duerkop and Tom McCarthy of Jones Lang LaSalle completed the transaction on behalf of the seller, Glazer’s Distributors.

The property is sited on approximately 17 acres just south of the Stevenson Expressway and includes two buildings: a multi-story warehouse and office building and a single-story warehouse with 20 interior dock positions. Both buildings were constructed in the 1920’s and were used until the late 1980s by the Campbell Soup Company for soup processing and warehousing. Later, the facilities were used by General Mills and, most recently, Glazer’s Distributors, which employed the facility as the headquarters for its Union Beverage Co. before that company was acquired by Chicago’s Wirtz family in 2008.

“This property was unique to our industry and is not well-suited to the demands of modern distribution technology,” said Jack Westenborg, corporate vice president of Glazer’s. “It was important for us to hire a brokerage firm that had an understanding of how such a property could be successfully redeveloped and how to market that opportunity to the right sort of potential buyers.”

Duerkop, a Jones Lang LaSalle vice president, said that: “We took 2600 W. 35th Street to market at approximately the same time that the market crashed and access to capital became a major impediment to investment sales – particularly for value-add properties like this one. Despite this inhospitable climate – and a deal-under-contract that collapsed because of financing problems – our marketing strategy and commitment to our client allowed us to find a buyer in relatively short order.”

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 website, www.joneslanglasalle.com.