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News release

Chicago, IL

Jones Lang LaSalle Closes Sale and $120M Financing of 300 S. Riverside Plaza in Chicago


CHICAGO, Dec. 29, 2010 –Jones Lang LaSalle today announced the firm has closed the sale of 300 South Riverside Plaza, a trophy Class A building located in Chicago’s West Loop submarket.  The property traded on behalf of Brookfield Real Estate Opportunity Fund.  The firm also arranged a senior leasehold mortgage of $120 million through UBS for the new buyers, of a group of private investors led by Joseph Mizrachi and David Werner.  Acquired in September 2006 with 76 percent occupancy, the property is now 97 percent leased to a majority of credit and institutional tenants with additional value created through the acquisition air rights that were sold together with the property.

Leading the Jones Lang LaSalle team on this transaction were Managing Directors Bruce Miller and Jim Postweiler and Vice President Jascint Vukelich.  Senior Vice President Dustin Stolly and Managing Director Dave Hendrickson arranged financing.

“This property offered exceptional quality, investment-grade tenancy, high occupancy and a stellar location as well as large yet highly efficient floor plates—making it an unique investment opportunity for potential investors,” said Miller. 

Added Stolly, “Competition for this premier acquisition financing assignment was aggressive.  The buyer received a substantial number of compelling loan proposals from all lender types, including CMBS shops, life insurance companies and foreign and domestic banks—all eager to secure this top-quality lending assignment.  The closing of this high profile transaction demonstrates the continued positive momentum in both the transaction and lending capital markets.”

300 South Riverside Plaza offers 1,075,766 million square feet of rentable space.  The 23-story tower features a glass curtain wall that offers magnificent views along the Chicago River and is directly across the street from Union Station and three blocks south of Ogilvie Station, Chicago’s busiest commuter train stations.

 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