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News release


JLL secures $96 million for acquisition of Philadelphia office tower

PHILADELPHIA, Oct. 3, 2017 – JLL's Capital Market​s experts today announced the firm secured $96 million on behalf of a partnership between Taconic Capital Advisors and Cohen Equities. The financing package, which was provided by Deutsche Bank and Square Mile, will be used for the acquisition and rehabilitation of 801 Market Street, a 695,130-square-foot office tower in Philadelphia's booming Market East submarket.

Executive Vice President Adam Schwartz, Managing Directors Aaron Appel and Jonathan Schwartz and Senior Vice President Chad Orcutt​ led the JLL team on the deal.

Adam Schwartz said of the financing, "This was a unique opportunity to provide a progressive package to finance the entire acquisition of the stabilized portion of an asset, while at the same time refinancing the value-add portion. It was an easy story to sell, but a very tough one to execute."

Matt Legge, who led the financing and acquisition on behalf of Cohen, emphasized the impact that JLL had on the entire transaction, saying "Typically, from a structuring and feasibility perspective, the acquisition leads and the financing follows. In this case that was inverted, as the financing structure that our JLL team devised was what kicked the whole process off and compelled us to pursue the transaction in the first place. It's a testament to what a great capital markets team can add to your acquisitions strategy."

Using the financing, the sponsors purchased the office component of the building on floors three through six as part of a deal that assembled the entire office portion of the building. They previously acquired floors seven through 13 in November 2016. Currently, floors one and two are being redeveloped as part of Fashion District Philadelphia, a development that will span three city blocks and feature high-end retail and entertainment concepts.

Located in the burgeoning Market East submarket, 801 Market Street provides direct access to regional rail – SEPTA, PATCO and BSL – and the city's bus system. The building is within walking distance of Independence Hall, the Liberty Bell and more than $1 billion of retail, multifamily and office development.

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 2016 alone, JLL Capital Markets completed $145 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 leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit