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News release

Boston, MA.

Mitsubishi Renews for 35,000 SF at 201 Broadway, Cambridge


BOSTON, April 5, 2011 — Mitsubishi Electric Research Laboratories (MERL) the North American R&D subsidiary of the Mitsubishi Electric Company (MELCO), one of the world’s largest A-rated companies, has committed to a long term lease at 201 Broadway in Cambridge, MA for 35,000 square feet. Having first occupied the building in 1991, MERL has recently re-affirmed its commitment by signing a new ten year lease extension. After a long, organization wide effort spanning from 1993-2003, MERL has consolidated its US labs into this single Cambridge location. 
 
MERL President and Chief Executive Officer Dr. Richard Waters said:  “We are happy to continue our tenancy at 201 Broadway. The building and location support our culture, and the terms of the agreement are perfect for us.”
 
Jones Lang LaSalle Managing Director Brooks Murphy and Assistant Vice President Molly Heath represented MERL in the lease negotiation and Senior Vice President/Director of Leasing Duncan A.C. Gilkey of The Davis Companies represented the landlord, Broadway Hampshire Limited Partnership, an affiliate of Davis.
 
“We have enjoyed a 20 year relationship with MERL and are thrilled to be able to retain them as a tenant for many years to come. With their highly talented and educated team and their strong international internship program, MERL is not only a credit worthy tenant but a dynamic intellectual hub. They play a pivotal role at our property. We greatly appreciate them renewing their commitment with us.” said Mr. Gilkey.
 
Built in 1988, 201 Broadway is an eight-story 120,000-square-foot office/retail building on the corner of Broadway and Hampshire Streets in East Cambridge, three blocks from the MIT campus. The building is 100% leased. 
 
According to Jones Lang LaSalle’s Murphy: “We are thrilled to have the opportunity to support MERL in a very diligent and thorough decision making process. We’re equally pleased with the successful outcome for our valued client.” 
 
About Mitsubishi Electric Research Laboratories (MERL)

Mitsubishi Electric Research Laboratories (MERL) is the North American subsidiary of the corporate research and development organization of the Mitsubishi Electric Corporation (MELCO). MERL conducts application-motivated basic research and advanced development in computer and communication technologies.

About The Davis Companies

The Davis Companies is one of New England’s largest privately held owners, developers and managers of commercial real estate. In operation since 1976, the Company has acquired or developed approximately $2 billion worth of office, multi- family, industrial, retail, medical office and bioscience facilities; it currently manages a portfolio of approximately 6 million square feet of property and commercial real estate loans. For more information, please log on to www.thedaviscompanies.com.
 
About Jones Lang LaSalle
 
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
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