Chicago (January 6, 2025) – LaSalle Investment Management (LaSalle) announced today the acquisition of Tempe Commerce Park, a five-building industrial complex totaling 536,122 square feet in Tempe, Arizona. The acquisition was made on behalf of LaSalle Property Fund (LPF), the firm’s US core open-ended fund.
The property, situated on 36.79 acres, features 24-foot clear heights, dock-high and grade-level doors, and ample parking. The complex is 92% leased to eight diverse tenants, including McKesson, Genuine Cable Group and Rivian. Located at 7340-7360 South Kyrene Road and 7333-7343 South Hardy Drive, Tempe Commerce Park benefits from its position in one of Metro Phoenix’s most sought-after submarkets, offering excellent accessibility to major transportation routes.
Jim Garvey, President and Portfolio Manager, LaSalle Property Fund said: “This acquisition aligns with our strategy to increase the Fund’s industrial allocation in high-growth metropolitan markets. Tempe Commerce Park is an excellent addition to our portfolio, offering exposure to a prime infill submarket.”
Matt Bogovich, Vice President of Transactions added: “We’re excited to acquire this high-quality industrial complex in Tempe, a key submarket within Metro Phoenix. The property’s strategic location, diverse tenant mix, and recent improvements position it well to capitalize on the area’s strong industrial fundamentals and continued growth.”
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$88.2 billion of assets in private and public real estate equity and debt investments as of Q3 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
Chicago, London, Singapore (October 21, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, today announces its results from the 2024 GRESB assessment, an industry-recognized global Environmental, Social and Governance (ESG) benchmark for asset managers.
Eighteen of the firm’s funds and separate accounts, domiciled across Europe, North America, and the Asia-Pacific region, participated in the 2024 assessment, of which seven achieved a 5-star rating and five achieved a 4-star rating. Six of the firm’s funds ranked in the top three within their sector peer groups, with both LaSalle Canada Property Fund and LaSalle China Logistics Venture earning first place within their respective sector peer groups.
Those LaSalle funds that achieved a 4 or 5-star rating in the 2024 GRESB assessment are listed below:
Julie Manning, Global Head of Climate and Carbon, LaSalle commented: “LaSalle is committed to delivering upon our clients’ sustainability goals in ways that also drive investment performance, and these impressive results reflect this effort. As performance drivers, sustainability factors are key to our corporate strategy in addition to being a focus throughout our investment process. As such, we will continue to embed sustainability further into each function across our operations and maintain our position as a leader in the industry.”
ENDS
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
LaSalle Investment Management (“LaSalle”), the global real estate investment manager, announced today the acquisition of Buckeye85, a core industrial building located in the heart of metro Phoenix’s Interstate 10 Corridor. The acquisition was made on behalf of LaSalle Property Fund (LPF), the firm’s US core open-ended fund.
The 321,892 square foot Class A building was constructed in 2023 and is fully leased to Tempur-Pedic, a leading manufacturer of mattresses and pillows and a part of Tempur Sealy International, Inc. (NYSE: TPX). It’s situated on 20 acres at 10333 West Buckeye Road, at the southwest corner of 103rd Avenue and Buckeye Road/MC-85 Highway in Phoenix, Arizona. The property is strategically located two miles from a full-diamond interchange at I-10 and 107th Avenue, positioning it within a world-class e-commerce market that is home to companies like Amazon, McKesson, Pepsico, Kroger and Home Depot.
Jim Garvey, President and Portfolio Manager, LaSalle Property Fund said: “We are pleased to add Buckeye85 to our portfolio. Our conviction in well-located, Class A industrial assets remains strong, and we believe this acquisition will continue to support the strong relative performance of the fund.”
Matt Bogovich, Vice President of Transactions, added: “We are pleased to have acquired such a high-quality industrial asset in Phoenix. Buckeye85 stands out given its new construction, modern features, and prime location. This transaction is consistent with LPF’s objective to increase exposure to industrial properties, especially in locations with favorable supply and demand dynamics.”
LaSalle Property Fund invests in and manages a portfolio of diversified high-quality core real estate assets in major markets across the US in the industrial, multifamily, office, retail and niche sectors. Since its inception in 2010, LaSalle Property Fund has focused on creating and managing a portfolio with an emphasis on property types with strong growth potential and lesser risk of disruption from secular changes. The Fund’s assets are diversified across major and niche property sectors in major American markets, aiming to provide reliable returns.
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$84.8 billion of assets in private and public real estate equity and debt investments as of Q2 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
CHICAGO, LONDON, SINGAPORE (January 15, 2024) – LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has recorded strong sustainability performance results in two industry-recognized global Environmental, Social and Governance (ESG) benchmarks for asset managers.
In the 2023 Global Real Estate Sustainability Benchmark (“GRESB”), 20 of the firm’s funds and separate accounts, domiciled across Europe, North America, and the Asia-Pacific region, have been recognized for their ESG standards. Across the 20 submissions, seven achieved a 5-star rating, up from four in 2022, nine achieved a 4-star rating, and four achieved a 3-star rating. LaSalle China Logistics Venture was ranked 1st place within its sector peer group, and the firm’s average score increased by nearly three points from 82.22 in 2022 to 85.15 in 2023.
LaSalle commingled products recognised within the 2023 GRESB include:
In addition, LaSalle has received updated scores for the 2023 ‘Principles for Responsible Investment’ (“PRI”) Assessment Report, securing four stars in the categories pertaining to Policy Governance and Strategy, Direct – Listed Equity – Active Fundamental, and Confidence Building Measures, as well as achieving three stars for Direct Real Estate.
LaSalle PRI Assessment Report results include:
Julie Manning, Global Head of Climate and Carbon at LaSalle, commented: “LaSalle is committed to improving and delivering upon our clients’ ESG goals in ways that also drive investment performance, and these impressive results reflect this effort. Sustainability factors are key to our corporate strategy in addition to being a focus throughout our investment process. In the year ahead, we will continue to embed sustainability further into each function across our operations and maintain our position as a leader in the industry.”
About GRESB
GRESB is an industry-driven organization transforming the way capital markets assess the environmental, social and governance (ESG) performance of real asset investments. More than 900 property companies and funds, jointly representing more than USD 3.6 trillion in assets under management, participated in the 2018 GRESB Real Estate Assessment. The Infrastructure Assessment covered 75 funds and 280 assets, and 25 portfolios completed the Debt Assessment. GRESB data and analytical tools are used by more than 75 institutional and retail investors, including pension funds and insurance companies, collectively representing over USD 18 trillion in institutional capital, to engage with investment managers to enhance and protect shareholder value. Greater transparency on ESG issues has become the norm, with GRESB widely recognized as the global ESG benchmark for real assets. For more information about GRESB and its ESG benchmarking and reporting for real estate, please visit https://gresb.com/gresb-real-estate-assessment/.
About the PRI
The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. The PRI encourages investors to use responsible investment to enhance returns and better manage risks, but does not operate for its own profit; it engages with global policymakers but is not associated with any government; it is supported by, but not part of, the United Nations. For more information about UN PRI and its ESG benchmarking and reporting for real estate, please visit https://www.unpri.org/
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $89 billion of assets in private and public real estate equity and debt investments as of Q3 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
CHICAGO (January 11, 2024) – LaSalle Investment Management (LaSalle) has closed on the acquisition of Canal Crossing Logistics Center, a core industrial warehouse located in Phoenix, AZ. The acquisition was made on behalf of the firm’s U.S. core open-ended fund LaSalle Property Fund (LPF).
The property is 100% leased to a leading provider of alternative aftermarket, specialty salvage and recycled auto parts to repair and accessorize vehicles. The tenant is a wholly owned subsidiary of LKQ Corporation (Nasdaq: LKQ), which has operations in North America, Europe and Taiwan. The property is centrally located in the Sky Harbor Airport submarket, offering immediate access to major transportation corridors and connectivity to the Phoenix metropolitan area. Built in 2015, the property features a highly functional site plan with Class A building specifications.
Jim Garvey, President and Portfolio Manager, LaSalle Property Fund said: “This acquisition is a great fit for our portfolio and reflects our strategy to increase the Fund’s industrial allocation through investment in infill submarkets within high-growth metropolitan markets.”
Matt Bogovich, Vice President of Transactions added: “We are pleased to have acquired such a high-quality industrial asset in a strategic infill submarket of Phoenix. The Airport Submarket is the most established industrial cluster in the MSA, and this asset stands out given its newer construction and modern features.”
About LaSalle Property Fund
LaSalle Property Fund invests in and manages a portfolio of diversified high-quality core real estate assets in major markets across the US in the industrial, multifamily, office, retail and niche sectors. Since its inception in 2010, LaSalle Property Fund has focused on creating and managing a portfolio with an emphasis on property types with strong growth potential and lesser risk of disruption from secular changes. The Fund’s assets are diversified across major and niche property sectors in major American markets, aiming to provide reliable returns.
About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages over $89 billion of assets in private and public real estate equity and debt investments as of Q3 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle Investment Management (“LaSalle”) has continued to deliver upon its environmental, social responsibility and governance (ESG) goals, recording improved performance in two industry-recognized global ESG benchmarks for asset managers.
Within the 2022 Global Real Estate Sustainability Benchmark (GRESB), 18 of the firm’s funds and separate accounts, domiciled across Europe, North America, and the Asia-Pacific region, have been recognized again for their ESG standards, further improving upon the results reported in 2021. Across 18 submissions, the firm achieved four 5-Star, eight 4-Star and six 3-Star GRESB Ratings.
LaSalle commingled products recognized within the 2022 GRESB include:
In addition, LaSalle has also received updated scores for the 2021 ‘Principles for Responsible Investment’ (PRI) Assessment Report, most notably securing a 5-star rating in the Investment & Stewardship Policy score, the only rating that applies across the whole of the firm. 5-star scores are reserved for asset managers that can, “demonstrate leading practices within the responsible investment industry.”
These results come following changes to the PRI’s reporting structure and scoring methodology, which included moving to a star classification system from letter classification.
LaSalle PRI Assessment Report results include:
David DeVos, Global Head of ESG at LaSalle said: “These impressive results evidenced in leading industry benchmarks demonstrate LaSalle’s commitment and expertise in delivering upon our ESG goals. While pleasing to have secured these metrics, reinforcing LaSalle’s status as a leader in responsible real estate investment, we continue to seek opportunities to accelerate our efforts in achieving our long-term targets and achieving superior performance for our clients.”
About GRESB
GRESB is an industry-driven organization transforming the way capital markets assess the environmental, social and governance (ESG) performance of real asset investments. More than 900 property companies and funds, jointly representing more than USD 3.6 trillion in assets under management, participated in the 2018 GRESB Real Estate Assessment. The Infrastructure Assessment covered 75 funds and 280 assets, and 25 portfolios completed the Debt Assessment. GRESB data and analytical tools are used by more than 75 institutional and retail investors, including pension funds and insurance companies, collectively representing over USD 18 trillion in institutional capital, to engage with investment managers to enhance and protect shareholder value. Greater transparency on ESG issues has become the norm, with GRESB widely recognized as the global ESG benchmark for real assets. For more information about GRESB and its ESG benchmarking and reporting for real estate, please visit https://gresb.com/gresb-real-estate-assessment/.
About the PRI
The PRI is the world’s leading proponent of responsible investment. It works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate and ultimately of the environment and society as a whole. The PRI encourages investors to use responsible investment to enhance returns and better manage risks, but does not operate for its own profit; it engages with global policymakers but is not associated with any government; it is supported by, but not part of, the United Nations. For more information about UN PRI and its ESG benchmarking and reporting for real estate, please visit https://www.unpri.org/
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle Investment Management (“LaSalle”) announced that it has acquired the Overlook at Bernardo Heights, a 330-unit multifamily property located in the affluent Rancho Bernardo submarket of San Diego, California. LaSalle acquired the asset on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (“LPF”).
Overlook at Bernardo Heights features convenient access to major employers in the San Diego metro area including Sony, General Atomics, Bae Systems, HP and Northrop Grumman, as well as top-rated schools as measured by Niche.com. LaSalle believes operating fundamentals of the submarket remain favorable due to a variety of demand drivers combined with a lack of new supply and high barriers to entry.
Built in 1987, Overlook at Bernardo Heights also presents the opportunity to renovate unit interiors and upgrade common areas to capture higher rents. Brokerage services for the transaction were provided by Moran & Company.
Jim Garvey, Portfolio Manager for LaSalle Property Fund, commented: “LPF is pleased to have increased its exposure to the San Diego market through its acquisition of Overlook at Bernardo Heights. We believe this investment is a good fit with LPF’s strategy to invest in high quality multifamily properties that are both located in top markets and offer the potential to be further enhanced through a modest renovation program.”
Summit Walia, Managing Director of Acquisitions at LaSalle, commented: “The Rancho Bernardo submarket along the I-15 corridor of San Diego is a great location to own multifamily property for a variety of reasons, including the quality of its schools and access to employment and outdoor recreational activities. San Diego’s outsized population and job growth combined with the submarket’s high barriers to entry makes this a compelling investment with meaningful upside potential.”
About LaSalle Property Fund
LPF invests in and manages a diversified portfolio of high quality, stabilized real estate and real estate-related assets in the industrial, multifamily, office and retail sectors in top markets across the United States. Drawing from LaSalle Investment Management, Inc.’s 40-year record of accomplishment of core real estate investment on behalf of sophisticated institutional investors, LPF aims to provide attractive risk-adjusted income returns with the potential for superior long-term capital growth through an investment process and platform that leverages LaSalle’s industry-leading market research.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle Investment Management (“LaSalle”) announced that it has acquired partial interest in the world headquarters and life sciences campus of Illumina (Nasdaq: ILMN), a global leader in DNA sequencing and array-based technologies. LaSalle made the investment on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (“LPF”) with the property’s developer, an S&P 500® U.S. equity REIT. This transaction represents LaSalle’s first investment in the life sciences property sector.
Located in the heart of the coastal infill submarket of University Town Center in San Diego, California, the Class A property consists of 793,000 square feet spread across six, state-of-the-art office, lab, and accessory buildings on 44 acres. The property is 100% occupied by Illumina and is under a long-term lease agreement serving as their world headquarters. As part of the transaction, LPF will participate with other campus co-owners to invest in potential future projects that will expand and densify undeveloped land located on the campus site.
Jim Garvey, Portfolio Manager for LaSalle Property Fund, commented: “This acquisition is a strong fit for our portfolio and represents a continuation of our ability to source world-class properties that provide an attractive income return with the potential for significant appreciation. We are pleased to have entered the life sciences sector with a best-in-class partner in a leading life sciences submarket, University Town Center.”
Erick Paulson, Managing Director of Acquisitions at LaSalle, said: “We are excited to acquire this world-class property in a highly strategic location, as San Diego is one of the largest U.S. biotech hubs. The San Diego market is comprised of over 15 million square feet of life science space, supported by strong occupancy and rental fundamentals, and The University of California at San Diego registers as the single greatest source of graduates in biomedical and biological sciences in the nation.”
Steve Bolen, Head of U.S. Healthcare Real Estate at LaSalle, added: “This acquisition aligns LaSalle with a market-leading life sciences property that is uniquely positioned to thrive in the growing field of DNA sequencing and array-based technologies, serving end-users in the research, clinical and applied markets. In addition to its position as a strong life science submarket, University Town Center is widely regarded as the premier medical office submarket within San Diego, given its proximity to four of the MSA’s major hospital campuses, including UCSD Health Jacobs Medical Center, Scripps’ Memorial Hospital La Jolla, Scripps’ Green Hospital, and the VA San Diego Hospital System.
For more than 15 years, LaSalle has been one of the most active private equity investors in the medical office sector and we are excited to make our flagship investment in the life sciences field, with such a high-quality partner and irreplaceable property.”
About LaSalle Property Fund
LPF invests in and manages a diversified portfolio of high quality, stabilized real estate and real estate-related assets in the industrial, multifamily, office and retail sectors in top markets across the United States. Drawing from LaSalle Investment Management, Inc.’s 40-year record of accomplishment of core real estate investment on behalf of sophisticated institutional investors, LPF aims to provide attractive risk-adjusted income returns with the potential for superior long-term capital growth through an investment process and platform that leverages LaSalle’s industry-leading market research.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle Investment Management (“LaSalle”) and William Macklowe Company (“WMC”) announced that they have completed a long-term lease agreement with Memorial Sloan Kettering for 100% of the approximately 75,000 square feet of space at 333 E. 61st Street, a new six-story medical office building located in Manhattan’s Upper East Side.
In March of 2018, LaSalle acquired a majority interest in the property through a joint venture with WMC on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (“LPF”).
Steve Bolen, Managing Director and U.S. Sector Head for Medical Office at LaSalle, commented: “We are pleased to have Memorial Sloan Kettering Cancer Center, a world leader in the diagnosis and treatment of cancer, as the entire-building tenant at 333 East 61st Street. This project represents a continuation of our successful healthcare real estate partnership with the William Macklowe Company, a leading owner/developer of commercial, healthcare and residential properties in New York City.”
Billy Macklowe, CEO of William Macklowe Company, commented: “We are thrilled to meet the deep demand for high quality medical facilities in one of the most supply constrained sub-markets in the country, and be aligned with a world class institution such as Memorial Sloan Kettering Cancer Center. 333 East 61st Street follows our successful conversion of 156 William Street into lower Manhattan’s premier dedicated medical office building and continues our co-investing relationship with LaSalle Investment Management.”
Jim Garvey, Portfolio Manager for LaSalle Property Fund, commented: “333 East 61st Street is an exceptional fit for our portfolio, enabling LPF to increase its exposure to class A medical office in top markets. This investment directly aligns with our strategy of owning well-located core assets that offer stable cash flows and upside potential.”
Situated in what is commonly referred to as “Hospital Row,” the immediate trade area contains some of the world’s most prestigious hospitals, medical schools, research centers and outpatient facilities, including New York-Presbyterian Weill Cornell Medical Center, Weill Cornell Medical College, Memorial Sloan Kettering Cancer Center, Hospital for Special Surgery and Rockefeller University. The new 75,000-square-foot medical facility will replace the existing structure, and meet the area’s strong demand for purpose-built clinical, research and administrative space.
Since 2001, LaSalle has completed over 90 medical office building investments, representing 6.5 million square feet and a GAV of $2.25 billion, across three dedicated MOB funds, as well investments in its diversified commingled funds and separate accounts.
About LaSalle Property Fund
LPF invests in and manages a diversified portfolio of high quality, stabilized real estate and real estate-related assets in the industrial, multifamily, office and retail sectors in top markets across the United States. Drawing from LaSalle Investment Management, Inc.’s 35-year record of accomplishment of core real estate investment on behalf of sophisticated institutional investors, LPF aims to provide attractive risk-adjusted income returns with the potential for superior long-term capital growth through an investment process and platform that leverages LaSalle’s industry-leading market research.
About William Macklowe Company
William Macklowe Company (WMC) is a privately owned, vertically integrated real estate investment platform focused on high quality assets and value creation lead by William Macklowe. WMC, and its principal’s activity at its predecessor firm, have accounted for over $15 billion in real estate transactions as a prolific owner, manager, acquirer and developer of prime Manhattan properties over the past 20 years.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
LaSalle Investment Management (“LaSalle”) announced today that it has acquired San Melia (“the property”), a 488-unit luxury multifamily community in Phoenix, on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (“LPF”). The Mark-Taylor-built property, situated on 28 acres in Phoenix’s desirable Ahwatukee Foothills neighborhood, presented an opportunity for LaSalle to acquire a well-located multifamily asset in a fast-growing submarket marked by low supply.
The Phoenix metropolitan area remains a national leader in job and population growth, both key drivers of increasing demand for quality multifamily properties. The area has seen its labor force increase by nearly 18 percent over the last five years while its unemployment rate dropped by nearly 3 percent, and prominent employers including JP Morgan Chase, Wells Fargo and Intel are finalizing plans to bring a total of 14,000 additional jobs to the region. Notably, while Phoenix has traditionally been dominated by an aging population, recent migration and population growth patterns have skewed younger. Millennials now account for approximately 21 percent of the local population, and this generation is expected to grow locally at five times the national rate, according to Fannie Mae.
Summit Walia, Managing Director of Acquisitions at LaSalle, commented: “Phoenix remains a top-performing multifamily market in the U.S. due in large part to the rapid growth and diversification of the region’s employment base, which is attracting young talent from across the country and contributing to the area’s long-term growth prospects. These factors, combined with the limited supply pipeline in Ahwatukee Foothills and the high quality and desirable location of the asset, made San Melia a uniquely compelling investment opportunity.”
Jim Garvey, Portfolio Manager for LaSalle Property Fund, commented: “This transaction represents an excellent opportunity to achieve attractive risk-adjusted total returns with an emphasis on income. This acquisition directly aligns with our investment strategy of purchasing well-located core assets that offer stable cash flows and upside potential.”
Located in the thriving, amenity-rich Ahwatukee Foothills submarket, San Melia is connected to the rest of the Phoenix metro by major thoroughfares including the I-10, Price Road and Loop 202, which offer residents ease of access to major employment centers, top-rated school districts and recreational activities. The property is adjacent to more than 2.4 million square feet of retail, dining and recreation options at the neighboring Ahwatukee Foothills Towne Center, which is anchored by AMC Theatres and Sprouts. A pedestrian walkway at the north end of the property provide residents convenient access to the retail center.
About LaSalle Property Fund
LPF invests in and manages a diversified portfolio of high quality, stabilized real estate and real estate-related assets in the industrial, multifamily, office and retail sectors in top markets across the United States. Drawing from LaSalle Investment Management, Inc.’s 35-year record of accomplishment of core real estate investment on behalf of sophisticated institutional investors, LPF aims to provide attractive risk-adjusted income returns with the potential for superior long-term capital growth through an investment process and platform that leverages LaSalle’s industry-leading market research.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $77 billion of assets in private equity, debt and public real estate investments as of Q4 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
