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1000 Continental commands premium pricing of more than $300 per square foot
PHILADELPHIA, Feb. 19, 2014 — On behalf of Equus Capital Partners, Jones Lang LaSalle’s (JLL) Capital Market experts today announced the sale of 1000 Continental, a core office building located in King of Prussia, a Philadelphia suburb. KBS Capital Advisors, LLC purchased the property for $63 million, or $307 per square-foot.
Managing Directors Jim Vesey, Senior Vice Presidents Doug Rodio, Jim Galbally and Vice President John Plower led the JLL team on this transaction.
“1000 Continental is a best in class, Trophy asset and it attracted the attention of numerous institutional investors,” said Vesey. “A majority of its in-place tenancy is investment grade credit, which will provide secure cash-flow.”
The 205,424 square-foot office building is 99 percent occupied and located in close proximity to the area’s highway system, providing quick access to the greater Philadelphia region. It features floor to ceiling window lines, a two-story entrance lobby and it is LEED® Silver certified.
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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4.0 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 3.0 billion square feet. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.
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