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News release


JLL secures $79.25M for acquisition of Penn. office portfolio

​PHILADELPHIA, Jan. 22, 2018 – JLL's Capital Markets experts today announced the firm secured $79.25 million in acquisition financing on behalf of MLP Ventures. LoanCore Capital provided the loan with an initial term of three years, and two additional one-year extension options. The financing will be used to purchase the 641,325-square-foot Renaissance Office Portfolio in King of Prussia, Pennsylvania and to provide future capital for leasing. Liberty Property Trust sold the property.​

Senior Vice President Chad Orcutt led the JLL team on securing the loan.

"Suburban Philadelphia continues to offer high-end options for corporate offices, especially in the highly regarded King of Prussia area," said Orcutt. "With stable occupancy and credit tenants, we were able to secure favorable terms for our client to purchase this portfolio of office properties."

The complex, which comprises 14 buildings on Renaissance Boulevard in King of Prussia, is 87 percent leased to 24 tenants.

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 third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 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