Skip Ribbon Commands
Skip to main content

News release

Chicago, IL.

Jones Lang LaSalle Coordinates Buyout for Trophy Office Building in Suburban Chicago

Wells REIT II buys out joint venture partner Lincoln Property Company


CHICAGO, Mar. 9, 2011 — Jones Lang LaSalle’s Investment Sales specialists today announced the firm has coordinated a buyout for the Class A trophy office building known as Highland Landmark III in suburban Chicago.  The firm had originally been hired in the fall of 2010 to sell the nine-story, 275,197-square foot office tower in Downers Grove, but instead facilitated a buyout by Wells Real Estate Investment Trust II Inc. (Wells REIT II) of its joint venture partner Lincoln Property Company’s ownership portion of the building.

Leading the Jones Lang LaSalle team on this transaction were Managing Directors Jim Postweiler and Bruce Miller and Vice President Jascint Vukelich.

“We are very pleased to consolidate our ownership of this prime suburban property as we ultimately felt that current market pricing was not as great as the long-term performance outlook for the asset,” said Kevin Hoover, managing director of real estate for Wells REIT II.  “Lincoln was a tremendous venture partner, and they will continue to manage the building. We look forward to working with Lincoln on other projects around the country.” 

Added John Grissim, Senior Executive Vice President of Lincoln Property Company, "This is one of the highest quality assets in suburban Chicago, but from an economic standpoint, this buyout simply made sense on our side of the deal.  It was an attractive price and liquidating our position provided Wells the opportunity to consolidate their position.  Wells is a quality owner of real estate and we are delighted to continue to work with them on this fine asset.”

Highland Landmark III is located at 3010 Highland Avenue in Downers Grove along the Eastern East/West Corridor at the intersection of I-88 and I-355.  Completed in 2000, the tower is located within the Highland Landmark Park, a 42-acre office development that won the NAIOP Development of the Year award.  The property offers 984 parking spaces and received its Energy Star certification in 2009 and 2010.

“Through our marketing efforts, we were able to secure a wide range of strong interest in this property, ” said Postweiler.  “Though a third-party sale was never culminated, we were pleased to be able to contribute toward a pricing valuation that led to an eventual buyout.”

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 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 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 $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.

###