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News release

Chicago, IL

Jones Lang LaSalle Closes Sale and Acquisition Financing of 353 North Clark in Chicago

Sale marks second largest closing in CBD in 2010


CHICAGO, Dec. 15, 2010 –Jones Lang LaSalle today announced the firm has closed the sale of the trophy-quality building known as 353 North Clark on behalf of a subsidiary of Mesirow Financial.  The firm also arranged acquisition financing for new buyer Tishman Speyer.  The property is 79 percent leased to a world-class tenant roster including the headquarters of Mesirow Financial. 

Leading the Jones Lang LaSalle team on this transaction were Managing Directors Bruce Miller and Jim Postweiler and Vice President Jascint Vukelich.  Managing Director Dave Hendrickson, Executive Managing Director Mike Melody and Senior Vice President Jimmy Board arranged acquisition financing.

“With a combination of highly secure investment grade tenants, a world-class quality property and upside for leasing the remaining vacancy, this property represented an extremely attractive investment opportunity,” said Miller.  “In the end, Tishman Speyer capitalized on the rare opportunity to increase its footprint in the city of Chicago with a very high quality asset.”

Added Hendrickson, “While the capital markets have become more liquid during the past few months—albeit with tougher underwriting standards and lower leverage—large single loans continue to attract an extremely finite group of investors.  This senior loan is a testament to the unparalleled quality and location of 353 North Clark.”

Located in the heart of River North, 353 North Clark was designed by architect Dirk Lohan and delivered in October of 2009.  The 1.2-million-square-foot building has 46 floors and 214 underground parking spaces.  The property features a tenant-only health club, space for two restaurants, concierge services, a conference center, a tenant-only corporate café, shuttle bus service and a landscaped plaza with benches and a messenger center.

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