Press Release

CBRE Arranges Sale of Five Crescent Drive in Philadelphia's Navy Yard for $130.5 Million

08 5月 2018

CBRE announced today that on behalf of Liberty Property Trust (NYSE:LPT), it has successfully arranged the sale of Five Crescent Drive—a 207,779 square foot office building located in Philadelphia’s Navy Yard. The property was purchased by an affiliate of Korea Investment Management Co., Ltd (KIM) as advised by Coretrust Capital Partners, LLC for total consideration of $130,500,000. GlaxoSmithKline (GSK), a global leader in the life sciences industry, fully occupies the building subject to a long-term lease. 

CBRE Capital Markets’ Institutional team members Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran represented LPT in the marketing and sales negotiations. Steven Doherty and Nick Harris of CBRE’s Debt & Structured Finance team secured the financing on behalf of the buyer. Additionally, the CBRE Asset Services team has been retained by KIM to represent them in the property management of the asset.   

“CBRE is pleased to once again have been entrusted by the team at LPT to market such a landmark asset,” said Robert Fahey, executive vice president, CBRE. “The record-setting pricing that Five Crescent achieved is a testament to the quality of the asset, LPT’s development expertise and the appeal and success of the Navy Yard. The asset was pursued by capital sources from around the globe which further validates the acceptance of the Philadelphia region as a top-tier investment market.”

A purpose-built, certified Double LEED Platinum building, Five Crescent Drive is one of only a handful of office buildings in the U.S. to achieve this prestigious distinction. The property’s well-appointed lobby, 80’ atrium, fully landscaped courtyard and sculptured plaza create a truly one-of-a-kind environment in the Philadelphia market that is accentuated by the impressive amenity center on the ground floor. 

Built in 2013, the four-story property is located within the storied Philadelphia Navy Yard complex, one of the premier business parks in the Northeastern United States. The Navy Yard, a master-planned, 1,200-acre urban waterfront development located along the Delaware River just east of the Philadelphia International Airport and Interstate 95, serves as home to more than 13,000 employees and 152 companies in the life sciences, financial services, engineering, manufacturing and research and development sectors. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.