JLL Securities has structured and placed a $409 million credit tenant lease financing for the development of a new office in Philadelphia for Chubb, a publicly traded property and casualty insurance company.
JLL Securities served as the placement agent for the developer, Parkway Corp. 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 ninth 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
