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News release

Miami, FL.

Jones Lang LaSalle Secures $60 Million in Acquisition Financing for Miami Tower

Non-recourse, floating rate loan secured through Natixis


MIAMI, Mar. 21, 2011 – Jones Lang LaSalle announced today its Capital Markets professionals have secured a $60 million senior mortgage loan for LaSalle Investment Management (LIM) to finance the acquisition of Miami Tower in Miami, Florida.  The 47-story tower is located in the downtown central business district of Miami. It was purchased in an all-cash transaction by LIM in December 2010.  The firm secured the non-recourse, floating-rate loan through Natixis, the corporate, investment and financial services arm of France’s second largest banking group (BPCE).

Leading the Jones Lang LaSalle team on this transaction was Managing Directors David Hendrickson and Denny St. Romain and Senior Vice President Chuck Hoag.

“During LIM’s closing of Miami Tower, we began the search for a senior lender with the need to fund within 60 days of their purchase,” said Hendrickson.  “Following an extensive search, which included life companies, domestic banks, foreign banks and conduit lenders, we developed a short list of competitive offers and ultimately chose Natixis based on their flexibility and terms.”

Added Ty Spearing, Managing Director at LaSalle Investment Management, “Dave and Chuck’s connections within the lending community were paramount to securing us the best possible terms and we could not have been more pleased with Jones Lang LaSalle’s expedient and insightful direction offered during this process.”

Miami Tower, which was previously known as the Bank of America Building, was designed by I.M. Pei and is famous on the Miami skyline with its unique night lighting schemes and thus a favorite backdrop for many TV series, movie motion pictures, music videos and sporting events.   The Energy Star certified Miami Tower offers 600,959 rentable square feet and features an enclosed ground-floor retail arcade, a building top signage opportunity, access directly to an I-95 interstate highway ramp, and an 11th floor Sky Lobby with adjoining Sky Terrace complete with an exterior reflecting pond and Zen gardens. Located at 100 SE 2nd Street, the building also features an integrated parking garage (owned and operated by the city) and a Metromover light rail station located directly inside the building (the only office building in Miami with such an amenity). The office tower extends from the Sky Lobby to the 47th floor in four tiers, with each one slightly set back from the one below to exemplify views to the ocean and city center.

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 firmoffers 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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