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JLL closes sale and $37 million in acquisition financing of 1635 Market Street
PHILADELPHIA, Jan. 7, 2015 – Philadelphia continues to rise among the ranks of top commercial real estate investment markets. On behalf of Arden Group, Inc. JLL’s Capital Markets experts today announced the sale and financing of 1635 Market Street, a Class A office and retail building located at 1635 Market Street in the Central Business District (CBD). Nightingale Properties purchased the asset and Citibank provided $36.5 million loan, $30 million which will be used as acquisition financing and $6.5 million to enhance amenities at the property. This is Nightingales fourth investment in the Philadelphia CBD since 2011.
Executive Vice Presidents Doug Rodio and Jim Galbally, Vice President John Plower led the JLL team on the sales transaction while Managing Director Dustin Stolly and Vice President Aaron Niedermayer led the financing efforts.
“With Nightingale’s planned improvements, 1635 Market Street is primed to benefit from growing interest in Philadelphia’s CBD from both office and retail tenants looking to plant a flag at one of the best corners in the city,” said Rodio.
Added Stolly, “Lenders were drawn to 1635 Market Street's Class A status, best-in-class location and value-add component, all of which created a unique opportunity to provide financing for an asset poised to deliver strong returns.”
The property features 253,732 square-feet of office space and 22,723 square-feet of retail space and provides tenants with immediate access to public transportation with concourse access through the lobby.
This is the third of several Philadelphia CBD office sales transactions that are closed 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.
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
About JLLJLL (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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