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News release

Atlanta, GA

Jones Lang LaSalle Closes $167.25 Million Sale of 3344 Peachtree in Atlanta for Regent Partners

Buckhead trophy sets benchmark pricing for secondary market


ATLANTA, Jan. 24, 2011 — Jones Lang LaSalle today announced it has closed the sale of 3344 Peachtree in Atlanta for Regent Partners.  Parkway Properties Inc. purchased the 484,000-square-foot trophy building for $167.25 million.  The Buckhead trophy is more than 95% leased.

Leading the Jones Lang LaSalle team on this assignment were Managing Director Chris Marshall and Senior Vice President Ralph Smalley.  Managing Director Steve Collins provided assistance in sourcing interest from foreign investors, while Senior Vice President Jeff Frantz provided local leasing expertise.

“The success of this marketing effort is attributed to the vision and superb execution of Regent Partners.  The result is an iconic building in one of Atlanta’s most strategic locations in the center of Buckhead.  Evidence of the building’s fundamental strength is the fact it leased to its current occupancy during an economic downturn and while faced with competition of more than two million square feet of space from four other new office buildings,” said Marshall.

“While the complicated mixed-use components of the asset presented some challenges, it is precisely those aspects that make 3344 Peachtree so unique.  The office in the lower floors combined with the residential component in the upper floors creates the imposing 50-story profile that dominates the Buckhead skyline” said Smalley.

“Investors looking for alternatives to the ‘gateway’ cities such as Washington, D.C. are beginning to focus on markets such as Atlanta.  This sale should serve as a pivotal benchmark for core pricing and attract investors to our market,” added Marshall.

Completed by Regent Partners in mid 2008, 3344 Peachtree Road is located in the heart of Buckhead along the newly upgraded Peachtree Road. The building provides Peachtree frontage and a Peachtree Road address while maintaining convenient direct access to the Buckhead Loop, GA-400 and Atlanta’s major thoroughfares.  From street level the building provides an inviting promenade with casual dining, banking and financial services, and Bistro Niko, a leading Atlanta restaurant.
 
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.

About Regent Partners:

Established in 1988, Regent Partners, LLC is a leading Atlanta-based real estate investment, development and services firm. Since its inception the company has acquired and developed more than 15 million square feet of office, residential, retail and hotel space valued in excess of $2.0 billion. Regent Partners’ diverse portfolio includes hotel, residential, office, retail, mixed-use and land holdings. The senior management team consists of executives with more than 150 years of combined experience developing, managing, leasing and constructing commercial real estate assets. For more information about Regent Partners, visit www.regentpartners.com.