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Real Estate Journal — Pennsylvania — Section C
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M id A tlantic
A purpose-built, certified Double LEED Platinum building Cbre arranges sale of Five Crescent Drive in Philadelphia’s Navy Yard for $130.5 million P hiladelphia, PA — CBRE announced that on behalf of Lib-
“CBRE is pleased to once again have been entrusted by the team at LPT to mar- ket such a landmark asset,” said Robert Fahey, executive vice president, CBRE. “The record-setting pricing that Five Crescent achieved is a testament to the quality of the asset, LPT’s development expertise and the appeal and success of the Navy Yard. The asset was pursued by capital sources from around the globe which further validates the acceptance of the Philadelphia region as a top-tier invest- ment market.” A purpose-built, certified Double LEED Platinum build- ing, Five Crescent Drive is one of only a handful of of- fice buildings in the U.S. to achieve this prestigious dis- tinction. The property’s well- appointed lobby, 80’ atrium,
fully landscaped courtyard and sculptured plaza create a truly one-of-a-kind envi- ronment in the Philadelphia market that is accentuated by the impressive amenity center on the ground floor. Built in 2013, the four-story property is located within the storied Philadelphia Navy Yard complex, one of the pre- mier business parks in the Northeastern United States. The Navy Yard, a master- planned, 1,200-acre urban wa- terfront development located along the Delaware River just east of the Philadelphia International Airport and In- terstate 95, serves as home to more than 13,000 employees and 152 companies in the life sciences, financial services, engineering, manufacturing and research and development sectors.
erty Property Trust , it has successfully arranged the sale of Five Crescent Dr. a 207,779 s/f office building located in Philadelphia’s Navy Yard. The property was purchased by an affiliate of Korea Investment Management Co., Ltd (KIM) as advised by Coretrust Capital Partners, LLC for total consideration of $130.5 million. GlaxoSmithKline (GSK), a global leader in the life sciences industry, fully
Five Crescent Dr
occupies the building subject to a long-term lease. CBRE Capital Markets’ Institutional team members Robert Fahey, Jerry Kran- zel, Erin Hannan and Jack Corcoran represented LPT in the marketing and sales ne- gotiations. Steven Doherty
and Nick Harris of CBRE’s Debt & Structured Finance team secured the financing on behalf of the buyer. Addition- ally, the CBRE Asset Services team has been retained by KIM to represent them in the property management of the asset.
HI-LIGHTS June 8 - 21, 2018 7-10C SPOTLIGHT Northern PA Professional Profiles
JLL arranges the sale of Conshohocken warehouse facility totaling $16.41 million
Conshohocken, PA — JLL announced that Cabot Properties has purchased 444 E. North Lane in Con- shohocken for $16.41 million. Cabot acquired the 174,400 s/f warehouse facility from a private ownership entity. This 100% occupied, single- tenant warehouse occupied by David’s Bridal under a long- term lease. Built in 1974, 444 E. North Lane offers 20 foot clear heights and ample load- ing capability with 18 loading doors and one drive-in. Executive Vice President John Plower led the JLL team on the sale, with sup- port from Managing Director James Galbally, Executive Vice President Chad Orcutt, Senior Vice President Brett Grifo, and Vice President Co- lin Behr. “The competitive advan- tages of 444. E. North Lane are clear, including a highly desirable urban infill location that is difficult and costly to replicate,” said Plower. “Func- tional, in-fill product near a dense population is in high demand for industrial inves-
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southeastern PA
444 E. North Lane
contact: Miriam Buttrick mbuttrick@marejournal.com
tors, and JLL was excited to connect Cabot Properties with a facility that offered this ad- vantage.” Additionally, there contin-
ues to be strong demand in submarkets located outside major population hubs. The site provides immediate ac- cess to the area’s major road-
ways, located less than two miles from the I-476 and I-76 interchange and less than 3 miles from the Pennsylvania Turnpike.
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