Skip Ribbon Commands
Skip to main content

News release

BOSTON, MA

Jones Lang LaSalle Closes Sale of Fresh Pond Technology Park in Cambridge

The Davis Companies purchases the office/R&D complex for $38.4 million


BOSTON, May 30, 2012 — Jones Lang LaSalle’s Capital Markets experts today announced that the firm has closed the sale of Fresh Pond Technology Center representing the seller Fresh Pond Technology Center LLC, an investment group sponsored by Spaulding & Slye Investments. The Davis Companies purchased the five-building 206,987-square-foot property located in the Boston submarket of Cambridge, Massachusetts, for $38.4 million.

The Jones Lang LaSalle Capital Markets team was led by Managing Director Scott Jamieson, with assistance from Vice President Brendan Dickason and leasing guidance from Executive Vice Presidents Peter Bekarian and John Osten. This is the team’s fourth sale in the last 45 days.

“The Alewife/West Cambridge submarket is experiencing unprecedented change,” said Jamieson. “These assets are 100 percent leased which offers income security. Future development opportunities in this target zone are tremendous. Recent leasing success made this an opportune time for Fresh Pond Technology Center LLC to divest of these assets. Davis is a skilled operator and asset manager. I look forward to witnessing their contributions to the continued transformation of this prime Cambridge neighborhood."

“This acquisition reflects our belief in the continued vitality and growth of the technology and life sciences sectors in Massachusetts,” said Corey A. Griffin, President of The Davis Companies. “The portfolio provides us with strong current cash flow while we explore changes to the properties that can add real value over time. Our purchase of these assets reflects our belief that growth-oriented companies will continue to seek well-located, cost effective solutions with strong access to labor and well-developed amenities. We are not pioneering, but rather strategically positioning ourselves in the path of growth and change.”

Located on 10 acres of land in West Cambridge, the project provides tenants a less-expensive alternative to East Cambridge where rents are rapidly escalating due to the growth of larger corporations like Novartis, Google and Microsoft who continue to expand. Fresh Pond Technology Park allows tenants to secure more reasonably priced space while still having access to a highly educated labor pool.  While the property is currently 100 percent leased and providing strong current cash flow, The Davis Companies plans to pursue future development of the property, which is presently underutilized, in order to attract tenants who may not be able to afford East Cambridge rental rates, but who want to still locate close to the urban hub.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page.  Bookmark it here:  http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx

About The Davis Companies                  
Founded in 1976, The Davis Companies has earned a reputation for integrity, creativity and excellence, making it one of the premier real estate investment, development and management firms in the Northeast U.S. The Company has applied a disciplined and value-oriented investment approach across multiple market cycles investing in over 100 properties representing over $2 billion in gross asset value, and acquiring over $450 million of commercial loans and real estate securities. Today, The Davis Companies together with its affiliates, owns and manages a real estate portfolio of approximately 6 million square feet. (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 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 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 $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com