Institutional investor purchases Class A property from Piedmont Office Trust
NEW YORK, NY – September 15, 2011 – (RealEstateRama) — Jones Lang LaSalle today announced the firm’s Capital Markets experts have closed the sale of 5000 Corporate Court in suburban New York for Piedmont Office Realty Trust. An institutional investor purchased the Class A Suffolk County office property for $39,250,000.
Leading the Jones Lang LaSalle team on this transaction was Managing Directors Joe Garibaldi and Peter Nicoletti and Vice President Tom Walsh. Executive Vice President and Long Island Market Director Ray Ruiz and Vice President Marianne Dugan provided local market guidance.
“Because this property was primarily leased to three U.S. General Services Administration (GSA) tenants, it received a great deal of interest from both government REITs and private entities who were attracted to its stable and secure income stream,” said Garibaldi. “This investor, in particular, welcomed the significant upside inherent in 5000 Corporate Court—with an additional 48,000 square feet currently vacant.”
Designed in 2000 to meet the needs of the GSA, 5000 Corporate Court counts among its tenants the Department of Internal Revenue Services Compliance, Department of Internal Revenue Services Appeals and the Bureau of Customs and Immigration Services. The property is located in Holtsville on more than 37 acres and provides superior access to the Long Island Expressway (exit 62), Sunrise Highway, Nicols Road and Veterans Memorial Highway. The property is currently 82 percent leased.
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 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. The firm’s 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 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 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 $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
Contact:
Heather Filkins
Phone: +1 312 228 2139
Email: Heather.Filkins (at) am.jll (dot) com
Paige Steers
+1 312 228 2797
Paige.Steers (at) am.jll (dot) com
