Jones Lang LaSalle Income Property Trust Announces Acquisition of Remaining
Interest in 111 Sutter Street
CHICAGO -- December 05, 2012
Jones Lang LaSalle Income Property Trust, Inc. (“JLLIPT”) – a non-listed,
daily valuation, perpetual life real estate investment trust (REIT) – today
announced the acquisition of the remaining interest in the entity owning 111
Sutter Street. JLLIPT acquired the interest from an affiliate of Ellis
Partners, LLC, one of Northern California’s largest commercial developers and
111 Sutter Street is a historically significant, multi-tenant office building
in the North Financial District of San Francisco, California. This landmark
building was erected in 1926, renovated in 2001 and has been jointly owned by
JLLIPT and Ellis Partners since 2005. The 286,000 square foot building is
currently 98% leased to a broad mix of high quality tenants including
financial services, legal and technology firms. 111 Sutter is LEED-certified
and carries a “Category I” designation as a Historically Significant Building
and is listed on the National Register of Historic Places.
Allan Swaringen, Managing Director of LaSalle Investment Management and
President and CEO of JLLIPT, comment: “Expanding our current ownership
interest in 111 Sutter, which has performed well within our portfolio since
first acquired in partnership with Ellis Partners, is strategic as we look to
grow our diversified holdings of core, income-oriented real estate across all
four of our primary investment targets – office, retail, industrial and
“Ellis Partners has been a fantastic partner and we look forward to continuing
our relationship with them both as a tenant in the building and as a
consultant to our management team on the leasing and marketing strategy at
this iconic property.
“This investment is particularly well aligned with JLLIPT’s investment
objectives: to seek current income and long-term capital appreciation from
carefully selected commercial real estate investments.”
About Jones Lang LaSalle Income Property Trust (JLLIPT)
Jones Lang LaSalle Income Property Trust is a non-listed daily valuation
perpetual life real estate investment trust (REIT) that owns and manages a
diversified portfolio of high quality, income-producing office, retail,
industrial and apartment properties located primarily in the United States.
JLLIPT expects to further diversify its real estate portfolio over time,
including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group
(NYSE: JLL), is a leading global real estate investment manager, with
approximately $47 billion of assets under management of private and public
property equity investments. LaSalle is active across a range of real estate
capital and operating markets including private and public, debt and equity
and our clients include public and private pension funds, insurance companies,
governments, endowments and private individuals from across the globe. For
additional information, please refer to www.lasalle.com.
Forward Looking Statements
This press release may contain forward-looking statements with respect to
Income Property Trust. Forward-looking statements are statements that are not
descriptions of historical facts and include statements regarding management’s
intentions, beliefs, expectations, plans or predictions of the future.Because
such statements include risks, uncertainties and contingencies, actual results
may differ materially from those expressed or implied by such forward-looking
statements.These risks, uncertainties and contingencies include, but are not
limited to, the following: the ability of Income Property Trust to effectively
raise capital in its offering, uncertainties relating to changes in general
economic and real estate conditions; uncertainties relating to the
implementation of Income Property Trust’s investment strategy; and other risk
factors as outlined in Income Property Trust’s registration statement on Form
S-11 (Registration No.333-177963) and periodic reports filed with the U.S.
Securities and Exchange Commission.
LaSalle Investment Management, Inc.
Stefanie Murphy, +1 312 228 2121
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