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News release

PHILADELPHIA, PA

Single Tenant Net Lease Spurs Financing for Philadelphia Suburb Headquarters

JLL secures $77 million in acquisition financing for the Saint-Gobain Corporation’s North American headquarters


PHILADELPHIA, March 14, 2016 – JLL's Capital Markets experts today announced the firm secured $77 million in acquisition financing on behalf of U.K.-based 90 North Real Estate Partners for the Saint-Gobain Corporation's North American headquarters, located in the Philadelphia suburb of Malvern. The property includes two buildings, totaling 321,226 square feet and is 100 percent triple-net leased to Saint-Gobain Corporation. Santander Bank, N.A. and Citizens Bank, N.A. provided the financing.

Managing Directors Keith Largay and David Hendrickson, Senior Vice President Chad Orcutt and Vice President Fiorentina Malko led the JLL team on the transaction.

"The property features Class A+, LEED Gold certified office space with a 15-year lease to a strong credit tenant, all of which drove significant interest from the lending community," said Largay.

"This asset is a particularly strong investment because of the state-of-the-art renovations and its location in the highly desirable Malvern submarket, which accounted for approximately 30 percent of the total absorption for the Philadelphia suburbs in 2015," added Orcutt.

The property is located in Chester County, just off of the Pennsylvania Turnpike and only 30 miles from downtown Philadelphia. The 34.6-acre campus features two state-of-the-art office buildings, which recently underwent renovations including electronically tinted SAGE glass, rain gardens and an employee garden plaza.

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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe. 

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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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 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.