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News release

Memphis

Jones Lang LaSalle Launches Campaign to Re-tenant or Sell Class A Office Complex in Memphis for Harrah’s Entertainment

Memphis headquarters complex available for sale or lease


MEMPHIS, TN, Mar. 6 2009 — Jones Lang LaSalle has been retained by Harrah’s Entertainment as exclusive marketing agent for the sale or lease of the Cherry Farms Office Complex, a state-of-the-art, high-quality headquarters facility located in Memphis, Tennessee. 
 
Leading the Jones Lang LaSalle team on this assignment are Managing Directors Guy Ponticiello and Russ Westlake.
 
“This Class A property should appeal to a wide variety of major corporate users as a unique opportunity to acquire a recently built, exceptional corporate headquarters facility with numerous amenities and by value-add investors looking to purchase a premium office asset at below replacement cost,” says Mr. Ponticiello.
 
“The Memphis area offers businesses a well diversified, highly educated workforce, a pro-business government that offers many incentives to attract new corporations to the area, and a central location within the Midwestern United States with convenient access to many major markets either by interstate, rail or air.  Given current economic conditions, Memphis provides an excellent corporate alternative for businesses looking to lower their overhead by seeking a very competitive, low cost solution as compared to many other U.S. markets. The award-winning, technologically advanced facility has the potential to accommodate a corporate headquarters, regional headquarters or general office use,” adds Mr. Westlake.
 
The 285,000-square-foot property was initially designed to accommodate single-tenant use but offers the potential to subdivide and convert to multi-tenant occupancy, given it has a very flexible design and is currently vacant. 
 
The Greater Memphis Chamber of Commerce is also excited about this sale and will be involved in marketing the property to potential users.  “Seldom does a building of such quality and distinction come available in the marketplace.  This is truly a state-of-the art, first class facility - one that offers an outstanding opportunity for corporations looking to take advantage of Memphis' low cost of living through a corporate headquarter or significant office relocation,” says John Moore, president of the Chamber.
 
The complex is located at 7159 Goodlett Farms Parkway within a 350-acre master planned office park strategically positioned in Northeast Memphis with immediate access to I-40.  Completed in 2003, this outstanding physical asset was designed by a nationally renowned architecture firm with construction incorporating the highest quality materials and interior finishes, modern technology, and intensive security and building systems and sits on 56 acres including 31 acres of undeveloped land.  The state-of-the-art facility includes numerous amenities including a 20,000 square foot Tier IV data center,  technologically enhanced conference rooms, convenient break-out areas with vending machines and seating space and extensive corporate-level executive suite space.   More information can be found at www.MemphisCorporateCampus.com.
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.  The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product.  The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide secondary loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  Collectively, the firm's Capital Markets team handled $82 billion in annual transaction volume in 2007.
 
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 2008 global revenue of $2.7 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 1.3 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 more than $46 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.