DALLAS, Jan. 22 /PRNewswire/ -- Behringer Harvard announced today the completion of two key components in its initiative to reposition its office portfolio in Atlanta. By successfully recapitalizing its Ashford Perimeter asset and selecting Jones Lang LaSalle (JLL) as its leasing agent in Atlanta, Behringer Harvard is repositioning its Atlanta office portfolio to promote enhanced performance in today's challenging economic environment.
The portfolio consists of three high-quality office properties providing 1.3 million square feet of rentable office space: Ashford Perimeter, Paces West and Resurgens Plaza. The 288,175-square-foot Ashford Perimeter is located at 4151 Ashford Dunwoody Road in Atlanta's Central Perimeter submarket. Paces West, best known as The Home Depot's former world headquarters, is comprised of two interconnecting office towers with a total of 646,000 square feet situated at 2727 Paces Ferry Road near the Interstate 285/Paces Ferry Road interchange. Resurgens Plaza is a stabilized 27-story, 400,175-square-foot office tower at 945 East Paces Ferry Road in Buckhead. Jones Lang LaSalle will assume leasing responsibilities for these properties, which will continue to be managed by Behringer Harvard. Kay Younglove will lead JLL's leasing efforts, with Glenn Aspinwall and Brooke Dewey completing the leasing team.
"With today's market uncertainty, savvy people want to do business with healthy companies they know and trust. This is one of the reasons we are pleased to team with JLL, one of the most respected global leaders in property and facilities management," said Mr. Dean Patterson, Vice President of Behringer Harvard. "We believe that current and future tenants of our Atlanta portfolio will appreciate this new opportunity to work with two financially stable companies with an established presence in, and deep understanding of, the Atlanta market."
"The successful recapitalization of Ashford Perimeter now provides additional capital resources that will enable JLL to exercise wider latitude in meeting the unique space requirements of many types of potential tenants for that property," said Mr. Patterson. "We have reliable access to the capital required to make appropriate tenant improvements and offer attractive commissions to brokers."
"We are pleased to have this opportunity to represent several of the finest office properties in Atlanta with tenants including MetLife, Noble Systems, Piedmont HealthCare, RSUI Group, BT Americas, Fisher & Phillips and Epstein Becker & Green, P.C.," said Mr. Clark Gore, head of the Atlanta office of Jones Lang LaSalle. "We believe we have assembled one of Atlanta's strongest leasing teams to work with Behringer Harvard. We intend to excel by leveraging our hallmark strengths including a depth of experience, solid work ethics and local market expertise."
About Behringer Harvard
Behringer Harvard creates and manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures. The company also offers strategic advisory, asset management and capital market solutions. Behringer Harvard has interests in or manages more than $10 billion in assets. For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 99 99 90, or visit us online at behringerharvard.com.
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 $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
SOURCE Behringer Harvard