Waltham, Mass. — August 12, 2008 — Normandy Real Estate Partners, one of the largest real estate owners and operators in the Boston to Washington corridor, has announced that it has entered into a purchase and sale agreement with Adobe Systems Incorporated (Nasdaq:ADBE) for Adobe to acquire Overlook Center upon substantial completion at the site in Waltham. The transaction is expected to close by May 2009, subject to the agreement’s closing conditions. Exclusive leasing agents Jones Lang LaSalle represented Normandy in the sale. Senior Vice Presidents Alex Dauria and Keith Gurtler, along with Associate Brenden Cohn represented Normandy.

 

According to the purchase agreement, Normandy will leverage its vertically integrated capabilities and complete the construction of the office building shell and core totaling approximately 108,500 square feet of space, a parking structure and site improvements. Normandy and Adobe are jointly pursuing LEED certification through the United States Green Building Council (USGBC) for both the exterior shell and the interior of the building.

 

Jones Lang LaSalle recently completed a $25.5 million construction loan for Overlook Center. The loan was secured through National City Bank. Managing Director Thomas Ikeler and Vice President Jim Gladden worked with Normandy and Neelon to secure the loan after successfully representing Neelon in the formation of their equity joing venture with Normandy.

 

Upon completion, the new Adobe property will feature contemporary design elements of glass and steel and include approximately 360 spaces of on-site parking structure, a café, fitness center, triangular conference facility, abundant natural light and a courtyard drop-off area. From Overlook Center’s elevated setting there will be dramatic 270-degree views to the north and south. The building is expected to be ready for occupancy by late 2009.

 

“Normandy, Neelon Properties and the City of Waltham are thrilled to bring a leading technology company like Adobe to Overlook Center. We were looking to build this property for a company that was committed to an exceptional product for both its employees as well as the environment,” says Justin Krebs, a principal in Normandy Real Estate Partners who oversees the firm’s portfolio in the Greater Boston area and structured the transaction. “Leveraging our vertically integrated platform that includes development and construction capabilities, we will be able to deliver to Adobe a market-leading, sustainably-designed building that is cutting-edge in terms of design, building technology and amenities, helping the company to retain and attract the highest quality local talent.”

 

”The ability for Adobe to own and obtain high visibility in a signature location with unprecedented exposure to Route 128, and design a work environment to their specifications were drivers in this transaction,” said Jones Lang LaSalle’s Alex Dauria. “Normandy and Neelon Properties made it happen.”

“Perkins+Will conceptualized and designed Overlook Center to be a world-class facility,” said John Fuller, Perkins+Will’s Market Sector Leader for the Boston office. “For Adobe—a world-class organization—Overlook is the ideal home. And as the leading firm in sustainable design, Perkins+Will is delighted that Adobe and Normandy have committed to LEED® Silver Certification. We look forward to seeing Overlook take its place in greater Boston as a beacon to both design quality and environmental responsibility.”

“The Boston area, with its rich ecosystem of technical talent and innovation, is important to Adobe’s business and this purchase reinforces our commitment to having a significant presence in the area,” said Rick Treitman, site leader for Adobe’s Boston operations. “Like many of our other sites around the world, the Overlook Center site will be a cutting-edge building that reflects our commitment to eco-friendly operation and community involvement while offering first-class amenities for our employees.”

 

Adobe currently occupies leased office space in Newton, Mass., home to approximately 200 employees who are engaged in a cross-section of functions, including research and development, marketing, customer support and sales. Once fully complete, Overlook Center will house those employees and provide Adobe with room for continued growth in the Boston area.

 

Normandy Real Estate Partners, one of the nation’s leading privately held investment management firms, owns and operates one of the largest diversified real estate portfolios in the Northeast/mid-Atlantic region. Since its founding in 2002, Normandy has acquired a portfolio totaling more than $3 billion. The firm has been extremely active in the Greater Boston area, where it owns 33 commercial properties comprising more than 4 million square feet, two luxury hotels, and various development sites.  Most of Normandy’s holdings in the Boston area are in the Route 128 corridor. Normandy maintains its regional headquarters in Boston at 99 Summer Street, which it also owns.  The firm targets real estate opportunities where it can leverage the whole spectrum of its fully integrated capabilities, including development, management, leasing and asset management.  Normandy is currently investing through its discretionary real estate fund which has approximately $1.8 billion in total purchasing power. 

 

For more information visit www.normandyrealty.com.

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 2007 global revenue of $2.7 billion, Jones Lang LaSalle has approximately 170 offices worldwide and operates in more than 700 cities in 60 countries. The firm is an industry leader in property and corporate facility management services, with a global portfolio of approximately 1.2 billion square feet. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $50 billion of assets under management. For further information, please visit our web site www.joneslanglasalle.com.