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News release

Seattle, WA.

Jones Lang LaSalle Markets Class A Office Building in Suburban Seattle

The FAA Building is 100 percent leased to the General Services Administration through 2015


SEATTLE, Mar. 15, 2011–Jones Lang LaSalle announced today the firm has been chosen to market the Class A office property known as The FAA Building for sale in the Seattle submarket of Renton, Washington.  The 199,168-square-foot property is 100 percent leased to the General Services Administration on behalf of the Federal Aviation Administration through July 2015.
 
Leading the Jones Lang LaSalle team on this transaction are Managing Director Michel Seifer and Senior Vice President Rob Hielscher.  Senior Vice President Marcy Owens Test of the firm’s Public Institutions group will provide federal real estate guidance and assistance, while Real Estate Investment Banking Senior Vice President Reid McGlamery will assist with financing.

“The FAA Building will garner a significant amount of investor interest due to the outstanding income stream security associated with a government-backed tenant,” said Seifer.  “This property is one of the nation’s premier government facilities and one of Puget Sound region’s highest quality office projects as it offers state-of-the-art building systems and technology infrastructure and numerous amenities.”

Designed and developed for the FAA in 1990, the property has been continuously upgraded over the past 20 years to accommodate the ongoing requirements and long-term needs of the FAA.  The building has received an Energy Star rating of 91 and been submitted to the U.S. Green Building Council for LEED-EB Gold certification.  On-site amenities include a stand-alone childcare center, employee fitness center, full-service cafeteria and a federal employee credit union.  Flexible floorplates can easily accommodate future multi-tenant occupancy, and the site offers development potential as well.  The property is located near the intersection of Interstate 405 and State Route 167 (Valley Freeway), one mile east of the intersection of Interstates 5 and 405.

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 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. Our Capital Markets team comprises approximately 800 specialists, operating in 185 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.

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