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News release

PHILADELPHIA

JLL brokers $28.75M sale of Philadelphia creative office building


JLL's Capital Markets experts today announced the company completed the $28.75 million sale of 2300 Chestnut Street, a 100,998-square-foot Class A creative office building in Philadelphia. JLL represented the seller, Paul V. Profeta & Associates, and brokered the sale to Stoltz Real Estate Partners.

Managing Director James Galbally led the team along with Senior Vice Presidents Brett Grifo, Chad Orcutt, John Plower and Erin Miller.

"We saw a ton of investor interest in this asset for a variety of reasons," said Galbally. "The building itself is very unique architecturally, has great tenants in Vanguard and Saxby's and is in a superior location between Center City and University City. In addition, the majority of the tenants are currently paying rents substantially below market."

He continued, "Class A creative office space is rare in Philadelphia's Center City, and 2300 Chestnut epitomizes what investors are looking for as tenants continue to pay a premium for creative space throughout the CBD. Paul Profeta and his team did an exceptional job repositioning this asset to capture that market share."

Located in Philadelphia's bustling Center City, 2300 Chestnut provides tenants access to Amtrak's 30th Street station, as well as all regional SEPTA lines and Interstates 676 and 76. It also includes rare infrastructure features such as hardwired undersea connections between North America and all other continents, and dual power grid connectivity. The building itself features loft-style windows, exposed brick walls and wood-beam ceilings that are coveted in creative spaces.

"The JLL team did a sensational job," said Paul V. Profeta, the founder of Paul V. Profeta & Associates. "I would recommend them to anyone wanting to sell an investment property in Philadelphia."

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 www.jll.com.