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News release

San Diego, CA

Jones Lang LaSalle Arranges $51.5 Million Sale of Three Commercial Real Estate Assets in San Diego

Sorrento Plaza, Sorrento West and BC Sorrento in San Diego’s prominent sub-market


SAN DIEGO, Dec. 6, 2010 –Jones Lang LaSalle today announced the closing of the sale of three commercial real estate assets valued at $51.5 million on behalf of its client Collins Development Company.  The three assets, totalling 300,000 square feet, are research & development space with lab and office build-outs. Located in the Sorrento Valley submarket of San Diego, all three were purchased by Biomed Realty Trust, Inc., a San Diego-based real estate investment trust (REIT) that acquires, develops, owns and operates laboratory and office space.
 
Leading the Jones Lang LaSalle team on this transaction were Executive Vice President Chad Urie and Managing Directors Bob Prendergast and Lynn LaChapelle and Associate Grant Schoneman.
 
“This off-market acquisition of research & development real estate with lab and office build-outs represents an excellent combination of leased investment and vacancy for emerging tenants,” said Prendergast.
 
Added Urie, “These buildings are highly desirable and represent the best product in Sorrento Valley.”
 
The sale included the 163,872-square-foot Sorrento West for $29.3 million, a nine-building campus on 10.4 acres and the 35,940-square-foot BC Sorrento for $12.4 million – one of Sorrento Valley’s premier properties and one of the only projects constructed in the past 11 years. The third part of the sale was the 30,184-square-foot Sorrento Plaza for $9.8 million, fully leased and rebuilt in 2003.  Collins Development Company continues to own and operate 14 buildings in the Sorrento Valley area of San Diego and is actively involved in the Life Science market.
 
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