New private sector project slated for development at Panama Canal Atlantic Entrance
LOS ANGELES, October 22, 2009 — Jones Lang LaSalle’s Port, Airport and Global Infrastructure Services in Los Angeles, California has announced plans to develop the Panama Canal Colón Port at the Atlantic entrance to the Panama Canal. To be built on freehold land, the $687 million private sector project will be among the largest new maritime infrastructure developments to commence in Panama. Jones Lang LaSalle is acting as strategic advisor to the project consortium.
The new port has been designed to complement the Panama Canal expansion project currently underway at a reported cost of $5.25 billion and is targeted to open in 2014. The Panama Canal Colón Port is expected to accommodate a through-put capacity of 1 million TEUs (Twenty foot equivalent units) in its initial phase, and a total of 1.6 million TEUs upon full completion in 2015.
"The Panama Canal Colon Port will represent the first terminal project in Panama to be specifically designed and built for the post-Panamax era," said John Carver, Executive Vice President, Port, Airport and Global Infrastructure Services at Jones Lang LaSalle. "The project is bringing together some the world's leading maritime experts to help carry out the vision for creating a modern and cost efficient port complex."
About Jones Lang LaSalle Port, Airport, and Global Infrastructure Services
The Port, Airport, and Global Infrastructure Services team at Jones Lang LaSalle brings together a powerful complement of professionals in the fields of maritime and aviation real estate, public institutions, project development services, capital markets, supply chain logistics, governmental affairs, and others. Together, Jones Lang LaSalle is setting new standards for service delivery and real estate advisory to this important industry sector.
About Jones Lang LaSalle Industrial
Through offices across the globe, the Jones Lang LaSalle Logistics and Industrial Services team assist both real estate occupiers and investors in all the primary and secondary markets across the world. The firm’s industrial professionals offer real estate expertise in the disposition and acquisition of industrial properties and portfolios, including manufacturing, assembly, research and development, high tech, food processing, warehousing, distribution and logistics facilities. In addition, Jones Lang LaSalle's port, airport and global infrastructure experts bring insider knowledge of trends, issues and opportunities surrounding seaport and airport developments around the world. Working alongside Jones Lang LaSalle colleagues in such fields as supply chain & logistics, public institutions, capital markets, international business, project development services and integrated facilities management, the firm is setting new standards for real estate advisory to stakeholders involved in the local, regional and global movement of cargo and passengers.
About Jones Lang LaSalle
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 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $36 billion of assets under management.
