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News release

Buffalo, NY

Jones Lang LaSalle Closes Sale of Landmark Buffalo Corporate Headquarters for Duke Realty

HealthNow New York, Inc to lease through 2024


BUFFALO, NY, Jan. 12, 2011 — Jones Lang LaSalle today announced it has closed the sale of the landmark corporate headquarters of HealthNow New York, Inc, the parent company of BlueCross BlueShield of Western New York for Duke Realty.  Cole Real Estate Investments purchased the 430,458-square-foot, Class A office building located in Buffalo, New York.  HealthNow will continue to lease the newly constructed LEED Silver Class A property through July 2024. 

Leading the Jones Lang LaSalle team on this transaction were Managing Directors Peter Nicoletti and Joseph Garibaldi.

“The HealthNow property is known as a distinctive landmark building that offers magnificent views of Lake Erie,” said Garibaldi.  “Built with ‘green’ technology, the property is 100 percent leased long term by HealthNow and thus appealed to a wide variety of Core investors interested in the virtually maintenance free and low-risk, bond-like asset.”

Added Nicoletti, “The strong pricing we achieved for this is testament to the quality of the asset and the investment-grade tenancy of HealthNow.  This sale will allow Duke Realty to reposition its portfolio and concentrate in markets where they already have a strong presence.”

The property is located next to the New York Niagara Section Thruway at 249-257 West Genesee Street in downtown Buffalo.  Its design utilizes an 1859 stone façade to maintain historic preservation of the sites past while incorporating a curved glass curtain wall.  The eight-story office building also offers sustainability features including southern exposure, sunscreens and light shelves for day lighting, energy efficient systems, and under-floor air distribution. 

Jones Lang LaSalle’s Healthcare Capital Markets advances the firm’s client service delivery of healthcare-related capital markets transactions as part of the firm’s Healthcare Solutions practice. Jones Lang LaSalle’s National Healthcare group works with hospitals and health systems throughout the nation delivering program management, strategic consulting, financial strategy, transaction and sustainability advisory services and facilities and property management.

About Jones Lang LaSalle Capital Markets

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our 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. Our 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 more than $40 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.