Exhibit 99
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LA SALLE PARTNERS LEND LEASE CORPORATION
Incorporated
FOR IMMEDIATE
RELEASE
CONTACT: Magnes Welsh-LaSalle Partners (312)228-2471
Alain Robinson-LaSalle Partners (404)240-2137
Jonathan Miller-Lend Lease Real Estate Investments (212)554-1967
Jill Campbell-Lend Lease Corporation 011(612)9236-6065
LA SALLE PARTNERS AND LEND LEASE COMPLETE COMPASS TRANSACTION
CREATING THE LARGEST U.S. MANAGEMENT SERVICES COMPANY
New Management Services Team Announced
CHICAGO, October 1, 1998 -- LaSalle Partners Incorporated (NYSE: LAP)
and Lend Lease Corporation Limited (AUS: LLC) today announced that LaSalle
has completed the acquisition of two Lend Lease real estate services
businesses: COMPASS Management and Leasing with operations in the United
States, Brazil and the United Kingdom, and the U.S. retail property
management business. The combined businesses, now called LaSalle Partners
Management Services, Inc,. creates the largest U.S. real estate management
services company with approximately 400 million square feet of office,
retail and industrial assets under management. Subject to the fulfillment
of certain customary conditions including obtaining necessary real estate
licenses, LaSalle expects to complete the acquisition of the Australian
portion of the COMPASS business in the next few weeks.
Consideration for the acquisition of all the businesses is $180
million with provisions for an earnout payment of up to $77.5 million over
five years. The purchase is being financed by a new $175-million
acquisition credit facility and borrowings on LaSalle's existing revolving
credit facility.
Headquartered in Chicago, the combined organization is equally
divided between property management for institutional owners and facility
management for corporate and other real estate owner-occupants. LaSalle
now has improved geographic coverage to serve clients in nearly 190 markets
in the United States and six key international markets. The acquisition
enhances LaSalle's position as the facility management industry leader in
the United States, by nearly doubling the size of its existing portfolio to
9,000 facilities, and significantly increases LaSalle's retail portfolio
with the addition of 30 million square feet in 36 regional malls, shopping
centers and community centers in 19 states.
MANAGEMENT SERVICES TEAM NAMED
______________________________
Robert C. Spoerri, President and Chief Operating Officer of LaSalle
Partners Incorporated, is also Chairman and Chief Executive Officer of
LaSalle Partners Management Services. The Business has two Vice Chairmen:
Charles K. Esler, Jr., formerly the President and Chief Executive Officer
of LaSalle Partners Management Services, and Gary R. Sligar, formerly
Chairman and Chief Executive Officer of COMPASS. Bruce W. Ficke, formerly
President of COMPASS, serves as President of Facility Management. Brian M.
Ross is President of Leasing and Management; Paul Bryan is President of
Development; and Tod D. Lickerman is President of Project Management. Mary
P. Taylor continues as Chief Financial Officer and Catherine W. Stephenson
Continues as Chief Administrative Officer of LaSalle Partners Management
Services.
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LA SALLE AND LEND LEASE COMPLETE COMPASS ACQUISITION -- Add one
Lend Lease's global real estate advisory business, Lend Lease Real
Estate Investments, was not part of the transaction. Also excluded were
the investment management operations of Lend Lease's U.S. retail management
business and its retail property and investment management businesses
outside the United States.
LaSalle Partners Incorporated, founded in 1968 and headquartered in
Chicago, is a leading vertically integrated real estate services and
investment firm providing investment management, management services, and
corporate and financial services for public and private institutions and
other real estate owners, users and investors worldwide. LaSalle Advisors
Capital Management, Inc., the investment management subsidiary of LaSalle,
is a leading global real estate advisory company with assets under
management of approximately $14 billion in domestic and international
investments, including approximately $3.9 billion outside the United
States.
Lend Lease Real Estate Investments manages $28.5 billion in real
estate and mortgage portfolios for 350 institutional clients including the
Equitable Life Assurance Society of the U.S. Headquartered in New York, the
company operates in more than 30 major cities on five continents. It
offers products and services in core real estate, enhanced return funds,
REIT's, mortgages, and CMBS, investing in the United States and globally.
Lend Lease Corporation Limited is and international property and financial
services group with $44.1 billion in total funds under management
worldwide. In addition to real estate investments, Lend Lease operates in
the arenas of project management and construction, property development,
funds management, life insurance, information technology, capital services
and equity investments. As of June 30, 1998, the company had a $4.9
billion market capitalization.
Statements in this press release regarding, among other things, future
financial results and performance, achievements, plans and objectives may
be considered forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve known
and unknown risks, uncertainties and other factors which may cause actual
results, performance, achievements, plans and objectives of LaSalle
Partners to be materially different from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially include those discussed under "Risk Factors" and
elsewhere in LaSalle partners' prospectus filed as part of its registration
statement (333-25741), under "Business," "Management's Discussion and
Analysis of Financial Condition and Results of Operations," and elsewhere
in LaSalle Partners' Annual Report or Form 10-K for the year ended December
31, 1997 and in other periodic reports filed with the Securities and
Exchange Commission. Statements speak only as of the date of this release.
LaSalle Partners expressly disclaims any obligation or undertaking to
update or revise any forward-looking statements contained herein to reflect
any change in LaSalle Partners' expectations or results, or any change in
events. Statements in this press release regarding parties other than
LaSalle Partners are based upon representations of such other parties.
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