JONES LANG LASALLE INCORPORATED

(JLL)
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Delayed Nyse  -  04:00 2022-08-11 pm EDT
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Jones Lang LaSalle Incorporated : JLL secures $285M refinancing for mixed-use buildings in Lower East Side

06/23/2022 | 03:46am EDT

NEW YORK, Jun. 22, 2022 -JLL 's Capital Markets group announced today that it has arranged a $285 million refinancing for The Offices at Essex Crossing, two newly built, mixed-use office and retail towers in Manhattan's Essex Crossing development. The collateral consists of five condominium units at 145 and 155 Delancey Street totaling 368,420 square feet.

JLL worked on behalf of the borrower, a joint venture between Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Urban Investment Group, to secure the bridge loan through Deutsche Bank.

The Offices at Essex Crossing consist of office and retail condominium interests at 145 and 155 Delancey St. within the Essex Crossing mega-development in Manhattan's Lower East Side. Essex Crossing is a three-phase, nine-building project that will contain 1.9 million square feet of residential, retail and office space plus cultural attractions and green spaces at build-out. The project has tremendous accessibility to mass transit as it is located on the F, J, M and Z subway lines. In addition, Essex Crossing is served by numerous bus routes and is close to the Williamsburg Bridge, the Manhattan Bridge and FDR Dr.

Completed in 2021, The Offices at Essex Crossing occupy the lower five floors of the two Class A buildings. Features include 12' to 13' ceiling heights, private outdoor terraces with views of the Williamsburg Bridge and Midtown and Downtown Manhattan's skyline, a bike room with showers and lockers, and a 9,000-square-foot indoor park and event venue. The property also has direct access to the nearby Regal Cinemas, Essex Market and Trader Joe's. The Offices at Essex Crossing are currently 40% pre-leased to Verizon on a long-term basis.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Evan Pariser and Scott Aiese, Vice President Jackie Ferrer and Analyst Joy Dracos.

The JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The team'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 22 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2022 07:44:10 UTC.


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Financials (USD)
Sales 2022 10 193 M - -
Net income 2022 891 M - -
Net Debt 2022 1 038 M - -
P/E ratio 2022 10,3x
Yield 2022 -
Capitalization 8 742 M 8 742 M -
EV / Sales 2022 0,96x
EV / Sales 2023 0,94x
Nbr of Employees 98 200
Free-Float 92,0%
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Last Close Price 182,43 $
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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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