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News release

Dallas

Jones Lang LaSalle Markets Galleria Towers I, II & III for Sale in Dallas. Class A office towers expected to fetch in excess of $300 million


DALLAS, Nov. 3, 2010--Jones Lang LaSalle today announced the firm's capital markets experts have been retained by Cannon Commercial to market Galleria Towers I, II & III for sale in Dallas. The more than 1.4 million-square-foot trio of Class A office towers is expected to fetch in excess of $300 million.

Leading the Jones Lang LaSalle team on this transaction are Managing Directors John Alvarado, Jack Crews and Evan Stone.

"Galleria Towers is located in the fastest-growing metropolitan area in the country and historically achieved occupancy rates in excess of 90 percent. It offers investors an opportunity to capitalize on a property that is expected to trade below its estimated replacement cost of $350 per square foot," said Alvarado. "The property also offers a significant value creation opportunity with an additional 1.9-acre development site in the northeast corner of the complex. We expect Galleria Towers to garner significant interest from investors all over the world given it is widely considered to be one of the premier office properties in the state of Texas."

Built in the 1980s and early 1990s, the Galleria towers range from 24 to 26 stories tall and adjoin the Galleria shopping mall, as well as the four-star, four-diamond Westin Galleria Hotel. The towers are located at 13355 Noel Rd. on the northeast corner of LBJ Freeway and The Dallas North Tollway. Amenities include on-site banking with ATM, security card-key access, conference facilities, a state-of-the-art fitness center, a leasing and management office and an independently operated day care. The buildings are currently 87 percent leased.

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 $40 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.