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News release

New York

Refinancing Completed for Coveted Chelsea Office Building

JLL secures $73 million in refinancing for 229 West 28th Street


NEW YORK, Nov. 23, 2016 – On behalf of Lexin Capital, JLL's Capital Markets experts announced the firm secured $73 million in refinancing for 229 West 28th Street, a 12-story Class A office building located in Midtown South's Chelsea neighborhood. Aareal Capital Corporation provided the five-year loan.

Managing Directors Aaron Appel and Jonathan Schwartz led JLL's financing efforts.

"This asset boasts a premier location in Chelsea, one of the most sought after creative submarkets in the entire New York metropolitan area," said Appel. "Thanks to its high ceilings and tremendous exposure to light, 229 West 28th Street fits perfectly into the creative office space coveted by tech and media tenants."

Added Schwartz, "With diverse tenancy in place, this refinancing positions an experienced sponsor to continue delivering the tremendous workspace that tenants have come to expect."

The building is located just three blocks from Penn Station, the city's largest transit hub, which provides rail access throughout New York and the Northeast. It is also near the Hudson Yards development, which in coming years will deliver 20,000 housing units and 2 million square feet of retail space.

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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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.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000.  On behalf of its clients, the company 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. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 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.