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Zurich, Switzerland, 29 November 2012 - Jones Lang LaSalle (JLL), the leading global real estate advisor, today closed the largest ever real estate deal relating to a single property in Switzerland: the sale of Credit Suisse’s Uetlihof office complex in Zurich.
The Uetlihof office complex, located about 3 kilometres southwest of Zurich’s city centre, is Credit Suisse’s principal office building worldwide. The office complex has more than 8,000 workspaces, as well as a precious metal vault and data centre.
The property was acquired by Norges Bank Investment Management (NBIM), the manager of the Norwegian Government Pension Fund Global, for CHF 1 billion (USD 1.08 billion). Credit Suisse will lease back the property for 25 years, with the option to extend the lease by up to 15 years. Credit Suisse will have operational responsibility for the Uetlihof office complex during the fixed lease period.
"We are happy to have closed this landmark transaction within just 6 months. The size and complexity of the transaction, in which JLL was able to demonstrate its global reach and privileged access to the largest real estate investors worldwide, required the highest level of professionalism in transaction management. This extraordinary deal will have a defining influence on future transactions in Switzerland,” commented Jan Eckert, JLL’s CEO in Switzerland.
The JLL team was led by Jan Eckert and Patrik Stillhart and assisted by Matt Richards, Lukas Nebehay, Gregor Strocka and Daniel Macht. The contract negotiations, supported by Baker & McKenzie as external legal advisor, took place in Zurich.
Credit SuisseAs an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 48,400 people. Further information about Credit Suisse can be found at www.credit-suisse.com.
Jones Lang LaSalleJones 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. Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. Further information about Jones Lang LaSalle can be found at www.joneslanglasalle.ch.
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+41 (0) 44 215 75 11