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CALGARY, Aug. 10, 2012 – Jones Lang LaSalle today announced it has completed the sale of 480 36 Avenue SE, located on 2.2 acres in Calgary, Alberta for $7 million. The buyer is the City of Calgary which plans to occupy the 38,772-square-foot building for its Water Resource Group.
Jones Lang LaSalle Vice President of Investment and Land Sales Chris Chornohos represented the seller, Willow Holdings Ltd.
“Our knowledge of the local market enabled us to locate a buyer who saw the potential in this property,” said Chornohos. “The Calgary office market remains extremely strong with second quarter total vacancy of 4.5 percent and 1.5 million square feet of net absorption this year.”
Jones Lang LaSalle has operated in Canada for more than a decade. With its Canada headquarters in Toronto, the firm also operates in Mississauga, Montreal, Ottawa, Vancouver and Calgary. Jones Lang LaSalle offers tenant and landlord representation, project and development services, investment sales, mobile engineering services, corporate retail solutions and integrated facilities management services to owners and tenants in Canada. The firm manages 31 million square feet of facilities across Canada.
About Jones Lang LaSalleJones 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 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 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 $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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