JLL Securities secures $409M CTL financing for Chubb’s Philadelphia office

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.

Parkway Corporation is a real estate developer, investor and best-in-class parking operator. For more information about the company, please visit: parkwaycorp.com.