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News release

​PHILADELPHIA, PA

Loeb Partners Realty LLC Closes $42M Sale of Two Properties in Philadelphia’s Downtown

JLL says sales volumes show that investors love the City of Brotherly Love


PHILADELPHIA, April 14, 2014 – On behalf of Loeb Partners Realty LLC, JLL’s Capital Markets today announced the sale of 2400 Market Street and 12 South 23rd Street. Both buildings are located in Philadelphia’s Center City submarket, in the heart of the city’s Central Business District (CBD). PMC Property Group and Lubert Adler purchased the buildings for $42 million.

Executive Vice Presidents James Galbally and Doug Rodio, Managing Director Jim Vesey and Vice President John Plower led the JLL team on the transaction.

"The properties are located on Schuylkill River along the western edge of the rapidly growing Philadelphia CBD, providing excellent access to University City and 30th street station," said Galbally. “2400 Market Street is one of the most underutilized pieces of real estate in Philadelphia given its large floor plates, excellent visibility and access to two of Philadelphia’s most dynamic submarkets, Market West and University City. Its potential redevelopment will anchor the market to the west as well as fuel further development along Market and Chestnut Streets.”

Known as Marketplace Design Center, 2400 Market Square is a 359, 647-square-foot former industrial property that serves as a showroom for upscale home design products. It features an open floor plan with conversion potential to property types such as retail, multifamily or hospitality. Located adjacent to the Design Center, 12 South 23rd Street is a 138,576-square-foot, six-story office/park garage property that is fully occupied.

Center City’s population has grown by 10 percent during the last decade and currently hosts one of the largest student populations in the country. The properties are located in close proximity to the area’s interstate highway system and public transportation hubs.

About Loeb
Over the last 45 years, Loeb has been engaged in the real estate acquisitions, advisory, financing and asset management business. During that time, Loeb has acquired, advised on, repositioned and/or financed over $25 billion dollars of investment real estate ranging across the spectrum of property types, including office buildings, hotels, shopping centers, industrial warehouses and multifamily properties on behalf of itself, domestic and overseas clients. The Marketplace Design Center property was acquired in 1986 and over the years has provided the investors with an outstanding internal rate of return and a multiple recoupment of their original investment.

About JLL
JLL (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 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.