FOR IMMEDIATE RELEASE

Somerset Partners Signs 10-Year Lease with Jones Lang LaSalle for 85,000 SF at 1801 K Street,
NW in Heart of Washington, DC

Skidmore, Owings & Merrill-Redesigned Address, Located Near White House, Will Be New Mid-Atlantic HQ for
Jones Lang LaSalle

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WASHINGTON – Somerset Partners, a New York City-based private real estate investor, announced today that it has signed a 10-year lease with Jones Lang LaSalle, commencing in November 2007, for approximately 85,000 square feet at 1801 K Street, NW. The building is undergoing a major renovation and will serve as the firm’s new Mid-Atlantic headquarters.

1801 K Street, NW in January 2006 with the intent to fully renovate and upgrade the building to meet current trophy standards. An emphasis was placed on developing a legacy building based on great design, lasting value and quality. Skidmore, Owings & Merrill, LLP was selected to redesign the building and Jones Lang LaSalle to provide leasing, management and development services. Jones Lang LaSalle will also oversee construction for the project, which is scheduled to commence in July 2007. The building is expected to deliver in 2008.

“The signing of Jones Lang LaSalle as the initial tenant of the “new” 1801 K Street, NW represents the culmination of a year’s worth of work by our team toward propelling the redesigned location into the upper echelon of prominent Washington DC business addresses,” remarked Marshall Allan, Principal of Somerset Partners.  “Indeed, we at Somerset Partners are very pleased to announce the new Mid-Atlantic Headquarters of Jones Lang LaSalle.”

1801 K Street, NW is conveniently located in the heart of Washington, D.C.’s Central Business District, less than four blocks from the White House and within one block from the Farragut West and Farragut North Metro Stations. The 575,000 square foot building spans the entire west side of 18th Street between K and L Streets, NW. The property offers three-levels of underground parking and street-level retail. Current tenants include Navigant Consulting and Bank of America.

The project will feature the two newly renovated floors on top of the building, offering approximately 76,000 square feet of rentable space. Along with the base of the building, the top will be inset and reconfigured to add proportion and aesthetic appeal to the overall exterior. The new façade will boast an energy-efficient glass curtain wall which will allow for floor-to-ceiling windows throughout. This, paired with the existing column-free perimeter design will provide unencumbered views and plenty of natural light on all levels of the building. Upon completion, several opportunities will be available for tenants to claim space in this prominent K Street address. 

The renovation will transform 1801 K Street, NW into a trophy asset complete with world class amenities and first-rate systems. The design will reflect the power and prestige of Washington, D.C, combining classic elegance with a grand scale structure. The building’s presence on K Street will be further enhanced with the innovative glass curtain wall and new streetscape. Inside, tenants will enjoy amenities such as a state-of-the-art fitness center, renovated lobby with a gallery and an onsite property management office.

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Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to FORTUNE magazine’s “100 Best Companies to Work For” and Forbes magazine’s “400 Best Big Companies,” has approximately 150 offices worldwide and operates in more than 450 cities in over 50 countries.  With 2006 revenue of over $2.0 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of over 1.0 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse real estate money management firms, with approximately $40.6 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.

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Somerset Partners, LLC, is a private equity firm focused on the preservation and growth of wealth through investment in real estate for its investors and principals. With a focus on long-term ownership and high-quality multi-family assets in economically sound markets, Somerset Partners matches its investments with the specific portfolio requirements of its equity partners. Somerset Partners is owned and managed by Keith Rubenstein, Marshall Allan and Philip Welch.