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PHILADELPHIA, March 22, 2018 – JLL's Capital Markets experts today announced the company completed the sale of 1760 Market Street in Philadelphia. JLL represented the seller, a joint-venture between Alterra Property Group and Stockton Real Estate Advisors. Chelsea/Village Associates purchased the 126,689-square-foot office tower and JLL also secured acquisition financing on behalf of the buyer. Key Bank provided the loan with a five-year term.
Managing Director James Galbally and Senior Vice President Brett Grifo led the JLL team on the sale. Executive Vice President Chad Orcutt led the firm on the financing.
"This was a unique opportunity for an investor to acquire a boutique office building with a trophy address and the potential for immediate value creation," said Galbally. "The size of the asset coupled with the location resulted in an extremely competitive bid process, resulting in offers from a diverse group of investors including local, regional and international buyers"
Added Orcutt, "1760 Market Street caters to the large quantity of small users looking for space in the Philadelphia CBD. Debt capital continues to be available for sponsors investing in high-quality assets like this one."
Situated directly between Rittenhouse Square and the new Comcast Innovations and Technology Center, 1760 Market Street occupies a prime location with access to Center City's walkable entertainment amenities and public transportation. The building has undergone extensive upgrades including a revamped lobby and entry way, refurbished elevator cabs and new building systems such as water pumps, a fire/life safety system and a gas-fired emergency generator.
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 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
For more content, including videos and research resources on JLL, please visit the firm's U.S. media center webpage: http://bit.ly/18P2tkv.
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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 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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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