145,000 Square-Foot Lease for Macquarie Group at One Hundred Independence Drives Momentum of the Transformation
JLL shared the vision of many investors to reinvigorate one of Philadelphia’s underperforming office districts, Market East. Over the past few years, JLL took on eight office leasing assignments from five different owners in this submarket, serving as a market-maker to accelerate the area’s transformation and resulting in Macquarie’s recent announcement to relocate its Philadelphia offices to Keystone Property Group’s One Hundred Independence at 6th and Market Streets.
Transformational capital investment continues on Independence Hall and Washington Square by Keystone Property Group along with newcomers MRP and Baycrest. Other longstanding owners, such as Brickstone and PREIT, are also making their presence felt with significant investment throughout Market East. JLL’s market research calculates approximately $3 billion of investment into the area by 15 different investors across asset classes in Market East, yielding a diverse landscape of renovated office buildings and new residential and retail properties.
“The addition of amenities like Michael Schulson’s Independence Beer Garden and La Colombe at One Hundred Independence, driven by Keystone Property Group’s creative vision, are just two examples of amenitizing and unlocking the potential of Market East,” said Mitchell Marcus, Managing Director, JLL.
“Market East has fundamentally transformed during this market cycle, the culmination of which is its ability to attract a large corporate financial services firm like Macquarie in what was historically Philadelphia’s under-performing office submarket,” said Lauren Gilchrist, Senior Director of Research of JLL’s Philadelphia office. “Macquarie’s move to One Hundred Independence demonstrates tenant appetite for high visibility in an authentic environment at the doorstep of public transit. At JLL Research, we focus on telling the real estate story and defining the market and its potential in places like Market East.”
“Office tenants ‘must-have’ lists are changing,” said Tom Weitzel, Managing Director of JLL. “Given the current battle for talent, companies look for ways to energize their people and attract future talent. To achieve this, they seek buildings with open, efficient floors in amenity-rich areas that provide unique opportunities to improve brand awareness.”
“Office tenants like Macquarie Group will reap the rewards of buildings with unique attributes like One Hundred Independence, with rare visibility and branding opportunities, and exposure to five million annual visitors to Independence Mall and the Liberty Bell,” said Marcus. “Further, the ability to deliver an experiential workplace is paramount for sophisticated corporate occupiers. One Hundred Independence boasts 13-foot waffle grid ceilings and large floorplates designed to maximize workplace efficiency.”
Macquarie will house indoor and outdoor meeting spaces with dramatic views of Independence Mall, the Delaware River, both the Walt Whitman and Ben Franklin bridges, and the skyline. Additional amenities include a brand-new tenant-only fitness center and on-site parking.
JLL’s Managing Directors Mitchell Marcus and Tom Weitzel and Associate Ashley Parrillo represented Keystone Property Group in Macquarie Group’s move to One Hundred Independence, formerly known as the Dow Chemical Co. building.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
