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JONES LANG LASALLE INCORPORATED

(JLL)
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Delayed Nyse  -  04:00 2022-09-28 pm EDT
154.88 USD   +2.22%
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Jones Lang LaSalle Incorporated : $32M refinancing secured for Class A office buildings in Northern N.J.

08/12/2022 | 12:59am EDT

MORRISTOWN, N.J., August 11, 2022 -JLL Capital Markets announced today that it has arranged a $32 million refinancing for Glenpointe Centre East and the Atrium at Glenpointe, two Class A office buildings totaling 320,000 square feet in Teaneck, New Jersey.

JLL worked on behalf of the borrower, Alfred Sanzari Enterprises, Inc. to secure the 10-year, fixed-rate loan through Securian Asset Management, which originated the loan on behalf of the lender, Minnesota Life Insurance Company.

Glenpointe Centre East and the Atrium at Glenpointe are located at 300-400 Frank W. Burr Blvd. in the prestigious 670,000-square-foot Glenpointe corporate campus within Northern New Jersey's Bergen County. The properties have immediate access to Interstates 80 and 95 and nearby access to the Garden State Parkway and the NY State Thruway providing connectivity throughout the greater Northern New Jersey and Tri-State area.

Originally built in 1982, Glenpointe Centre East and the Atrium at Glenpointe are 94.5% occupied. The seven-story Glenpointe Centre East property encompasses 240,000 square feet of Class A office space, and the two-story Atrium at Glenpointe offers an additional 80,000 square feet of Class A office and common area space. Both buildings benefit from the campus' amenities, which includes 700 hotel rooms across three on-site hotels; Glenpointe Fitness, a 26,000-square-foot health club and spa; a 2,400-space, enclosed four-level parking garage; and an additional 730 surface spaces.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio, Jr. and Analyst Salvatore Buzzerio.

"JLL was pleased to assist the borrower in securing permanent financing from Securian Asset Management for the refinancing of Glenpointe Centre East and the Atrium at Glenpointe," said Thomas E. Didio, Jr. "Securian recognized the strength of the Class A suburban office assets and the exceptional local demographics and transportation infrastructure, and provided competitive financing terms for a strong borrower in a volatile capital markets environment."

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.

For more news, videos and research resources on JLL, please visit our newsroom.

Disclaimer

Jones Lang LaSalle Inc. published this content on 11 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 04:58:14 UTC.


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Financials (USD)
Sales 2022 10 193 M - -
Net income 2022 883 M - -
Net Debt 2022 1 521 M - -
P/E ratio 2022 8,74x
Yield 2022 -
Capitalization 7 421 M 7 421 M -
EV / Sales 2022 0,88x
EV / Sales 2023 0,88x
Nbr of Employees 98 200
Free-Float 92,0%
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Number of Analysts 8
Last Close Price 154,88 $
Average target price 253,57 $
Spread / Average Target 63,7%
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Managers and Directors
Christian Ulbrich President, Chief Executive Officer & Director
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
Benjamin Breslau Chief Research Officer
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