JLL completes $242M sale of large government-leased property
Sale of 6100 Wabash Ave. is the largest this year in greater Baltimore
BALTIMORE, Aug. 30, 2018 — JLL's Capital Markets experts have completed the $242 million sale of 6100 Wabash Avenue, a new government-leased, LEED Silver office building in the Baltimore suburb of Reisterstown. CoreCivic, a Nashville-based REIT specializing in investing and operating government facilities was the purchaser. JLL represented the seller.
Executive Managing Director John Duffy, and Executive Vice Presidents Marc Rampulla and Brian Saal, who specialize in capital markets transactions for government occupied real estate, led the JLL team handling the sale.
"This was a very attractive and rare opportunity for investors to acquire a high-quality, transit-oriented asset leased to the federal government on a long-term basis and we were able to generate significant interest," said Rampulla.
"6100 Wabash is one of the highest quality government occupied buildings in the country. Our team was proud to lead the sale effort," added Saal.
Completed in 2014, the building is fully-leased to the Social Security Administration (SSA) through a 20-year lease with the General Services Administration. The 540,566-square-foot building is just five miles from the SSA's 1.4 million-square-foot headquarters in Woodlawn. The building is also adjacent to the Reisterstown Metro station, close to I-695 and a 24-minute drive from Baltimore Washington International Airport. The building is surrounded by more than 1.7 million square feet of retail amenities within a one-mile radius.
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 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.