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News release

Philadelphia

Philadelphia Proves it has Room to Grow

JLL closes $28.5 million sale of Center City Philadelphia Development Sites


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PHILADELPHIA, Aug. 11, 2015 – A recent flurry of transformation in Philadelphia's Central Business District (CBD) and surrounding submarkets has raised the city's profile and the latest trade indicates there's no sign of slowing momentum. On behalf of Garrison Investment Group, JLL's Capital Markets experts today announced the firm has closed the sale of the Center City Philadelphia Development Sites, a five-parcel development site located in Philadelphia's CBD. PMC Property Group purchased the land for $28.5 million.

 

Managing Directors Jim Galbally and Doug Rodio and Senior Vice Presidents Erin Miller and John Plower led the JLL team on the transaction.

 

"These land parcels are located near the growing Market Street West and University City submarkets and as demand pushes activity west in the Philadelphia CBD, these development sites offer incredible potential to develop large scale development along the Schuykill River and JFK Blvd," said Galbally. "In the last decade, the Arch Street corridor has seen more than $2 billion of development activity and with the recent completion of 1900 Arch residential project and the Comcast Innovation & Technology Center currently underway, Arch Street will continue to evolve into a vibrant, premier commercial micro-segment of the market."

 

The land parcels are located at 60 N. 23rd St., 2301, 2201, 2101 and 2001 JFK Blvd, with 60 N. 23rd St. being the last large development site left in the Philadelphia CBD. The sites are located only a few blocks from the Comcast Center and across the Schuylkill River, near Amtrak's 30th Street Station and the City's largest universities: The University of Pennsylvania and Drexel University.


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.

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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. A Fortune 500 company 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 $56.0 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.

About Garrison Investment Group

Garrison Investment Group LP and its affiliates ("Garrison") is an alternative investment and asset management firm founded in March 2007 and headquartered in New York. Garrison has approximately $4.2 billion of committed and invested capital under management, a team of 82 employees, including 48 investment professionals with investments across corporate finance, real estate and structured finance. Garrison Investment Group: garrisoninv.com.