Jones Lang LaSalle Brokered Sale
Of The 502,213 SF, 87% Leased Class A Building
Accesso Chosen from Over 100 Potential Buyers
PHILADELPHIA (Nov.xx, 2014) – Accesso Partners LLC has closed on its $85 million acquisition of 1515 Market St., a 20-story, half-million square-foot office tower in downtown Philadelphia that houses Temple University’s Center City campus.
Renovated in 2007, the Class A property is being sold by a joint venture between Winthrop Realty Trust of Boston and Stockton Real Estate Advisors of Philadelphia. The property is 87% leased.
“We’re delighted to be entering the Philadelphia market with the acquisition of one of the city’s premier office buildings,” said Ariel Bentata, co-founder and managing partner, investments for Hallendale Beach, FL-based Accesso Partners, formerly known as Beacon Investment Properties.
“Education, healthcare and professional services are strong industries in Philadelphia and 1515 Market is represented in each sector,” said Bentata. “Temple University, the 128,000 square-foot anchor tenant, recently extended the lease on its Center City campus through 2022.”
Other tenants include Heffler, Radetich & Saitta, CPAs, the law firms of Sweeney & Sheehan, Simon & Simon and Rocco Law, LLC and the Commonwealth of Pennsylvania. The building includes 15,189 square feet of ground floor retail space anchored by Citizens Bank and First Trust Bank.
Douglas Rodio and Jim Galbally, executive vice presidents and co-leaders of the investment sales team in Jones Lang LaSalle’s Philadelphia office, brokered the sale.
Rodio contends 1515 Market has a “pre-eminent class A-plus location” directly across from city hall. “The city’s newly completed $70 million investment that re-invigorated Dilworth Park across the street is a game-changer for downtown Philadelphia and the biggest beneficiary of any building would be 1515 Market,” he added. “Plus, the SEPTA subway station is directly below the building and can be accessed through the lobby.”
Rodio said the firm created a full marketing campaign for 1515 Market and more than 100 potential buyers looked at the building before Accesso was chosen. “While Accesso has never had a transaction in Philadelphia, the company has a very good reputation in the brokerage community and within Jones Lang LaSalle. They also came highly regarded by other capital markets colleagues in the firm.”
He further said the 12-year-old real estate investment manager “performed as anticipated. It doesn’t happen among buyers as often as I like but Accesso did exactly what they said they would do, and exactly when they said they would do it.”
Susan Hill, senior managing director of HFF’s Houston office, arranged the acquisition financing.
Accesso Services LLC, a subsidiary, will assume the property management.
Accesso targets stable Class A and value-add B+ office buildings located in the strongest central business districts and suburban submarkets in the country. The company owns 38 properties in the Southeast, Texas, Colorado, Minnesota and Illinois,
In the last 18 months, the company has bought 12 properties nationwide including six office buildings acquired in the Chicago Loop and suburbs in the last 12 months alone.
About Accesso Partners. LLC
Accesso Partners LLC, successor to Beacon Investment Properties LLC., is a full-service, vertically-integrated commercial real estate investment manager, owner and operator that aims to provide superior returns to its U.S. and international individual and institutional investors. Accesso’s focus is on acquiring commercial office properties in Class A locations in the largest and fastest growing metropolitan cities and premier suburban submarkets throughout the U.S. The company targets both stable, cash-flowing office buildings as its core portfolio holdings as well as value add Class B+ assets that can be transformed and repositioned into Class A office properties. Properties currently in Accesso’s portfolio range from the iconic 57-story, 1.43 million square-foot IDS Center, an office and retail tower occupying a full city block in the heart of Minneapolis’ Central Business District and the tallest building in Minnesota, to the contemporary single-story, 150,000 square-foot Class A 7100 Highlands Parkway in suburban Atlanta. Accesso Partners’ affiliate, Accesso Services LLC, provides proactive, cost-efficient property management services with an owner’s mindset for its 10 million square foot portfolio of commercial real estate assets nationwide. Accesso Partners LLC is headquartered in Hallandale Beach, FL and has offices in Houston, Dallas, Minneapolis and Atlanta.
Chris Barnett email@example.com