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News release

Seattle

Jones Lang LaSalle Closes Sale of 17-Unit Residential Property in Seattle’s Magnolia Neighborhood


SEATTLE, October 11, 2010 – Jones Lang LaSalle today announced it has closed the sale of the Promenade at the Park, a 17-unit multifamily property located in Seattle’s Magnolia neighborhood, on behalf of its client, BlueStar Construction. 

BlueStar Construction purchased the vacant property at 3855 34th Avenue W from Whidbey Island Bank and intends to sell the individual units as condos.  Built in 1959, and renovated in 2008, the building includes six, two bedroom/one bath units, 11 one bedroom/one bath units, and permits for the construction of an additional unit.

Jones Lang LaSalle’s Seattle Multifamily team including Managing Director David Young and Vice Presidents Seth Heikkila, and Corey Marx represented BlueStar Construction in the transaction.  Whidbey Island Bank self-represented.  The Jones Lang LaSalle team, which has more than 40 years combined experience and has closed over $4 billion in transactions, focuses on multifamily investment sales throughout the Pacific Northwest.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for its 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. The firm’s 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 $38 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.