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Heavy competition amongst lenders to refinance Curtis Partners’ stable, well located asset
PHILADELPHIA, July 24, 2012 — Jones Lang LaSalle today announced the firm’s Capital Markets experts have secured $95 million in permanent financing for Curtis Partners, LP’s The Curtis Center, located in Philadelphia. JP Morgan provided the floating rate, loan for the Class A asset, which is located in one of the nation’s most historic neighborhoods and is a quarter occupied by the General Services Administration.
Managing Director Kelly Gaines and Senior Vice President Dustin Stolly led the Jones Lang LaSalle team on this transaction, along with Vice Presidents David Krasnoff and Mike Carpenter.
"We secured a great deal of interest from lenders competing to finance this institutional property. Floating rate financing alternatives remain abundant for high quality sponsors such as Curtis Partners,” said Stolly.
“The asset's investment grade tenancy, historically strong occupancy and staggered rollover, appealed to a wide variety of portfolio and securitized lenders,” added Gaines.
The Curtis Center is located at 601 Walnut Street in the Market East submarket of Center City Philadelphia. In addition to the U.S. government, the property is leased to a diversified roster of more than 40 tenants. More than $4.3 million in capital improvements have been invested in the property over the past five years. It is currently 93 percent occupied.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.
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About 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. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 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 $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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