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News release

Boston

Jones Lang LaSalle closes Sale of Ames Pond Corporate Center

Leggat McCall Properties and Dead River Properties Purchase Two Building Park in Tewksbury 


BOSTON, MA, April 8, 2009 - Jones Lang LaSalle  Incorporated (NYSE: JLL), the leading integrated financial and professional services firm specializing in real estate, announces today that its Capital Markets team has closed the sale of Ames Pond Corporate Center in the Boston submarket of Tewksbury, MA. Leggat McCall Properties LLC in joint venture with Dead River Properties, LLC purchased the 154,200-square-foot first class office park, and a land parcel that can potentially accommodate upwards of 150,000 square feet of commercial development. The sale price was $10 million. Jones Lang LaSalle represented the seller and procured the buyer in the transaction.
 
The Jones Lang LaSalle team on this assignment was Managing Directors Cappy Daume, Scott Jamieson, and Mike Smith, and Associate Nathaniel Heald.
 
"We are excited to be purchasing this best-in-class asset in the 495 North submarket," stated Bill Gause, Director of Acquisitions of Leggat McCall Properties. "We look forward to meeting the needs of the existing tenants while capitalizing on the potential growth of new tenants as the economy stabilizes and the market improves."
 
The two-building park is located at the I-495 and Route 133 interchange. The property is currently 71% leased to seven tenants, with five new leases totalling 100,000 square feet closed since June 2007. Built in 1988 for MetLife and situated on 55 acres, Ames Pond Corporate Center enjoys an attractive setting overlooking Ames Pond. Amenities include jogging trails, men's and women's locker rooms with showers, and an on-site cafe. Recent capital improvements have been made with new roofs, roof top units, lobby renovations, bathroom upgrades, a Honeywell EMS, and exterior improvements throughout.
 
"Ames Pond Corporate Center is one of the most attractive office parks in the North Market. Due to the quality of the asset and the setting, the park attracts a disproportionate share of leasing. Leggat is buying the asset at a very compelling basis that will enable them to compete effectively for tenants going forward. Further, there is additional upside in the extra land parcel." said Jones Lang LaSalle's Cappy Daume.
 
Jones Lang LaSalle Capital Markets is comprised of a range of corporate finance experts and real estate investment capital specialists, working on all property types and in all the major national markets on behalf of corporations, major institutional and local investors and developers. The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs. The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios. The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm's Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide secondary loan sale advisory services.
 
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 2008 global revenue of $2.7 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 1.4 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 $46 billion of assets under management.
 
For further information, please visit our Web site, http://www.us.joneslanglasalle.com/boston