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News release

Washington, D.C.

Joint Venture Equity Secured for Recapitalization of Development Parcel in Arlington, VA


Washington, D.C., Jan. 25, 2011 -- Jones Lang LaSalle announced today it secured a joint venture equity partner for the recapitalization of the National Gateway III and IV parcel located at the National Gateway development project in Potomac Yard, in Arlington, VA.

Wes Boatwright and Jon Goldstein arranged the $17 million recapitalization in joint venture equity on behalf of the owner, The Meridian Group. 

“We were able to secure an investor in a very short-time frame because this was a great opportunity to acquire a fully entitled and site plan approved parcel at a proven mixed-use project,” said Wes Boatwright, Managing Director of Jones Lang LaSalle. 

“Investors were also drawn to the exceptional sponsorship of The Meridian Group and the traditionally strong office submarket,” added Jon Goldstein, Senior Vice President of Jones Lang LaSalle. 

The land parcel is part of the larger 30-acre National Gateway mixed-use development project. National Gateway will feature more than 4.5 million square feet of mixed uses including: 2.1 million square feet of office space; 1,550 condominium and apartment residences; 625 Marriott-branded hotel rooms; 250,000 square feet of retail; including a Harris Teeter grocery store and a 45,000- square-foot LA Fitness health club and a two acre park.

National Gateway I & II at Potomac Yard is a 445,000-square-foot, LEED Certified Gold, trophy office project in the Crystal City Submarket of Arlington, Virginia. National Gateway I & II comprises 367,000 square feet of office space in two twin, nine-story towers and 71,000 square feet of retail space, including an LA Fitness Health Club, and was completed in December 2009.

National Gateway is strategically located directly across the Potomac River from Washington, D.C. and adjacent to Reagan National Airport.  With close proximity to public transportation, and major commuter routes, the location offers easy access to downtown D.C. and excellent transportation options.

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 approximately $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.

About the Meridian Group

The Meridian Group is a privately-held investment firm focused on the Greater Washington, D.C. metropolitan area.  Over the past 17 years, as a proven fiduciary to institutional capital sources, Meridian has invested $1.5 billion of total capital in 26 transactions, encompassing over 7 million square feet of commercial space.