JLL Securities secures $409M CTL financing for Chubb’s Philadelphia office
The 438,000 SF Class A+ facility will be completed in early 2026 adding more than 1,250 new jobs to the Philadelphia economy
ATLANTA, Jan. 25, 2023 – Jones Lang LaSalle Securities, LLC (JLLS) announced today that it has structured and placed a $409 million credit tenant lease financing for the development of a new office in Philadelphia for Chubb the world’s largest publicly traded property and casualty insurance company.
JLLS served as the placement agent for the developer, Parkway Corporation. The construction-to-permanent loan was structured to mature co-terminus with the initial lease term and provide the borrower a single-source of financing at a long-term fixed-rate.
Anticipated for delivery in early 2026, the new headquarters facility will contain 438,000 rentable square feet of Class A+ office space across 18 floors. The property will offer robust amenities, including a 6,000-square-foot outdoor terrace on the 9th floor and two levels of underground parking.
Chubb plans to create at least 1,250 new positions in Philadelphia making it the company's largest office in North America. Chubb has committed to creating and retaining a total of 3,200 jobs in Pennsylvania within five years following the opening.
The property is located at 2000 Arch St. in the Logan Square neighborhood of Philadelphia. Logan Square is home to many of the city’s iconic attractions, including City Hall and local museums and galleries, including The Franklin Institute, The Academy of Natural Sciences of Drexel University, Philadelphia Museum of Art, and the Barnes Foundation. In addition, the new is just a few blocks from the Suburban Station, providing commuter rail access and connections to subway service throughout the city.
The JLLS team representing the developer was led by Managing Director Austin Johnson and Senior Managing Director Bill Cavagnaro.
Multiple JLL business lines collaborated on the execution, including JLL’s Agency Leasing team, which represented Parkway, JLL’s Tenant Rep team which represented Chubb and JLL’s Project and Development Services team.
JLLS’ Structured Finance group, based in Atlanta, specializes in CTL, ground lease financing and other structured debt solutions for all property types.
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Investment Banking and Securities offered through Jones Lang LaSalle Securities, LLC, a registered broker dealer and member of FINRA / SIPC.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Parkway Corporation
Parkway Corporation is a real estate developer, investor and best-in-class parking operator. For more information about the company, please visit: parkwaycorp.com.