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JLL closes $85 million sale of 1515 Market Street
PHILADELPHIA, Dec. 10, 2014 – It's been a banner year for Philadelphia's office market and investor appetite for office product shows no sign of slowing. On behalf of Winthrop Realty Trust, JLL's Capital Markets experts today announced the sale of Class A office property, 1515 Market Street. Accesso Partners, LLC, formerly known as Beacon Investment Properties, purchased the asset for $85 million. The sale marks Accesso's first acquisition in the Northeast region.
Executive Vice Presidents Doug Rodio and Jim Galbally, Vice President John Plower and Managing Director Joe Garibaldi led the JLL team on the transaction.
"Education, healthcare and professional services are strong industries in Philadelphia, and 1515 Market Street is well represented in each sector," said Rodio. "We had a tremendous amount of interest in this opportunity given its core-plus profile, high-quality tenant mix and great location across the street from City Hall and the recently renovated Dilworth Park."
The office building totals 502,213 square feet and is currently 87 percent leased. Temple University serves as the anchor office tenant and its Center City campus occupies 128,000 square feet with a lease that was recently extended through 2022. The remaining office space is leased to a diverse mix of professional tenants. 1515 Market Street also features 15,000 square feet of ground floor retail space, anchored by Citizens Bank and First Trust Bank.
This is the first of several Philadelphia CBD office sales transactions that are expected to close in December 2014 as JLL's Philadelphia Capital Markets experts anticipate exceeding $1 billion in sales by the year's end.
JLL 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 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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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 fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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