Skip Ribbon Commands
Skip to main content

News release

PHILADELPHIA, PA

Investors Snap up Institutional Quality Office Assets in Philadelphia’s CBD


PHILADELPHIA, May 21, 2015 – On behalf of a real estate investment trust, JLL’s Capital Markets experts today announced that the firm has closed the sale of United Plaza and 1650 ARCH, two Class A office buildings located in Philadelphia’s Central Business District. CBREI purchased both assets for approximately $200 million. In addition, JLL arranged $130 million in acquisition financing with MetLife providing both floating-rate loans. 
 
Managing Directors Doug Rodio and James Galbally and Senior Vice President John Plower led the JLL team on the sales transactions and worked with Managing Director Dustin Stolly and Vice President Aaron Niedermayer, both based in JLL’s New York office, on the financing assignments.
 
“The Philadelphia CBD is performing as good as I’ve ever seen it.  With rents on the rise, it’s a great time to acquire two of the market’s premier Class A office assets,” said Rodio.
 
Added Stolly, “Vacancy rates have been declining significantly in the Market Street West submarket over the past few months and those numbers, along with the properties’ best-in-class location, made these extremely compelling for the lending community.”
 
United Plaza is a 20-story office property totalling 617,000 square feet and 1650 ARCH is a 27-story office property totalling 560,000 square feet.  The Class A office assets total almost 1.2 million square feet and have each received renovation awards from Philadelphia’s Building Owners and Managers Association (BOMA).
 
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 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 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 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 fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 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.