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News release

Washington, D.C.

Jones Lang LaSalle Closes Sale and Acquisition Financing for 2300 N in Downtown Washington, D.C.

Firm arranged $70 million debt financing; Class A building sold for $140 million

WASHINGTON, D.C., Mar. 7, 2011 — Jones Lang LaSalle today announced its Capital Markets group has closed $70 million in acquisition financing for the building known as 2300 N Street, NW in downtown Washington, D.C. for Lincoln Property Company.  The firm also handled the sale, in which Lincoln Property Company purchased the Class A, 279,264-square-foot asset for $140 million from Wealth Capital Management.  

Managing Director Wes Boatwright, Senior Vice President Jon Goldstein and Vice President Jim Gladden led the Jones Lang LaSalle team on the financing, securing the seven-year, interest-only loan with Allianz Real Estate of America at a sub-5% interest rate.  Managing Directors Collins Ege and John Kevill, Senior Vice President Jim Molloy, and Vice President Sean McDermott led the team on the sales transaction. 

“We secured significant interest from a number of life insurance companies for the financing as this transaction offered outstanding sponsorship and a high quality asset in a core strategic market,” said Goldstein. “Allianz was great to work with – they were able to issue a commitment very quickly and close simultaneous with the acquisition."

“Given its strategic location of this high quality property on the west side of town and its long-standing tenancy, this transaction offered an excellent investment opportunity for Lincoln Property Company,” said Ege.  “Wealth Capital Management made a calculated and well timed decision to bring this core property to market and was able to capitalize on strong investor demand to meet their exit strategy.”
Built in 1986, 2300 N was designed by architectural firm Skidmore, Owings and Merrill.  The eight-story building is located on the corner of N Street and 23rd Street, NW.  It offers views from virtually all sides of the building, and a rooftop terrace that overlooks the Georgetown neighborhood.  The property is 100 percent leased to two law firms.
In 2010, Jones Lang LaSalle’s award-winning D.C. Capital Markets team closed 49 transactions totaling $2.4 billion in sales and recapitalizations, including the recent record price of $900 per square foot for 1225 Connecticut Avenue, NW in Washington, DC.  Already in 2011, the team has closed six transactions totaling $761 million.  The firm's Investment Sales leaders Collins Ege and John Kevill also received Jones Lang LaSalle's prestigious MVP award for Investor Services, which recognizes the firm's top sales producers from three categories. This team ranks as a top-performing sales duo in the country.

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.  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 of 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,