JLL Capital Markets closes sale of Philadelphia-area specialty office property
1400 Union Meeting Road is a life sciences-enabled property totaling 199,532 square feet in Blue Bell, Pennsylvania
PHILADELPHIA, Oct. 19, 2023 – JLL Capital Markets announced today that it has completed the sale of 1400 Union Meeting Road, a 199,532-square-foot, two-story office building in Blue Bell, Pennsylvania.
JLL represented the seller, Bridge Investment Group, and procured the buyer, a foreign private investor.
1400 Union Meeting is positioned on 18.6 acres in the heart of Montgomery County, just minutes from the three primary thoroughfares in the Philadelphia suburbs, Interstates 276 and 476, and Route 202. The area surrounding the property is highly amenitized with numerous high-end shopping and dining destinations, including the Plymouth Meeting Mall. Additionally, 1400 Union Meeting Rd. is close to the affluent executive neighborhoods of King of Prussia, Conshohocken and Center City.
Originally built in 1961, the property is a value-add opportunity zoned for scientific, agricultural or industrial research or development. The life sciences-enable property is now vacant and provides the buyer with many variations on how to reposition the property.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Brett Segal and Associate Matthew Blumberg.
"1400 Union Meeting provides our buyer with a blank slate with which to redevelop over 18 acres in one of the premier locations in the Philadelphia region,” Segal said. “The property’s history as a research and manufacturing facility provides a range of superior physical attributes that will enable a successful renovation.”
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Bridge Investment Group
Bridge Investment Group is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes. For more information, please visit: bridgeig.com.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.