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JLL completes sale, secures $117.5 million in acquisition financing for One Washington Square
With one of the nation’s top “live, work, play” urban cores, downtown Philadelphia continues to attract office investment. On behalf of Rubenstein Partners, JLL’s Capital Markets experts today announced the firm completed the sale of One Washington Square. Keystone Property Group purchased the three office assets. JLL also secured $117.5 million in financing on behalf of Keystone Property Group to be used for the acquisition and repositioning of the building.
Managing Directors Doug Rodio and Jim Galbally and Senior Vice Presidents John Plower and Erin Miller led the JLL team on the sale. Senior Vice President Chad Orcutt led the financing efforts.
“With a limited supply of new product available and burgeoning residential and retail activity in submarkets like Washington Square and Independence Mall, investors are looking to adapt existing product to meet market demands,” said Rodio.
Added Orcutt, “Keystone’s acquisition allows them to implement a value-add business plan and continue to capitalize on their ownership and experience in the Philadelphia market. With the continued demand for office space in Philadelphia we are seeing more institutional capital available for strong sponsors to fund value-add projects.”
Comprised of 510, 520 and 530 Walnut Street, One Washington Square totals 880,153 square feet. Both 530 and 520 Walnut Street are 20 stories tall while 510 Walnut Street is 10 stories. Amenities include a fitness center with a locker room and showers, a daycare center and 24-hour tenant access with manned security. One Washington Square is also located next to Philadelphia’s renowned Walnut Street retail corridor.
"Our plans for the property include converting the ground-floor and mezzanine office space located at 530 Walnut Street into retail, leveraging the Washington Square neighborhood’s emerging pedestrian experience, fueled by an influx of new businesses and residents," said Keystone Chief Investment Officer Chip Walters. "One Washington Square is located adjacent to The Curtis, which we recently repositioned as a mixed-use property with ground-floor retail and 63 luxury apartments. It is also within blocks of 100 Independence Mall West, which we reimagined with an indoor-outdoor experience featuring the Independence Beer Garden and a La Colombe coffee café."
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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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 280 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 $58.3 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.
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