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News release

Trenton, NJ

Jones Lang LaSalle Assists in Closing $85M Sale of Trenton Office Buildings for Brandywine Realty Trust

Buyer able to secure nearly 50 percent third- party financing through national bank


TRENTON, NJ, OCT 7, 2009 — In an indication that liquidity may be slowly beginning to return to the capital markets, Jones Lang LaSalle announced today that it has represented Brandywine Realty Trust in the sale of two Class A office buildings in Trenton, New Jersey for $85 million.  The private investment group which purchased 33 West State Street and 50 East State Street was able to secure $45.5 million in third-party financing through an undisclosed national bank.
 
Leading the Jones Lang LaSalle team on this assignment were Managing Directors Thomas Beneville and Ron Cariola and Vice President Michael Carpenter.
 
“A transaction of this magnitude is proof positive that a deal structured the right way can secure a large sum of third-party financing despite the challenging market,” said Beneville.  “This sale allows Brandywine to strengthen its balance sheet, reduce leverage and provide additional capital for its investment activities.  The buyers have secured two Class A properties which are long-term leased to the State of New Jersey, while the retail space provides an upside opportunity for them to enhance value in the near-term.  Brandywine will continue to manage and lease the properties on behalf of the buyers. This is a win-win transaction for all parties.”
 
The two properties at 33 West State Street and 50 East State Street are located in downtown Trenton, just down the street from the state’s Capitol Complex with prominent visibility along the downtown’s heavily travelled State Street corridor.  The 473,658-square-foot properties are currently 96.5 percent leased, predominantly with recently signed 15-year leases with the State of New Jersey. 
 
Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  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 Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from surplus buildings to raw land to entitled parcels and partially completed subdivisions.  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 derivatives structuring and loan sale advisory services.  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 firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.
 
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 $36 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
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