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Boston landmark located at nexus of Beacon Hill, Financial District and Government Center
BOSTON, Oct. 17, 2012 — Jones Lang LaSalle’s (NYSE: JLL) Capital Markets experts today announced the firm is marketing for sale 11 Beacon Street, a Boston historic landmark serving the government sector of Beacon Hill and the private sector of the financial district. The11-story, 150,457-square-foot, Class B office building is located just a block from the Massachusetts State House, Government Center, and major public transit stations.
Managing Director Frank Petz, Vice President Robert Borden, and Vice President Courtney O’Neal are leading the Jones Lang LaSalle team on this transaction. “The property known as 11 Beacon Street is a transformed boutique office building comprising a unique combination of modern office design and historical charm. It continues to retain long-term tenants and is well positioned to capture momentum in the rallying Class B office market,” said Petz. “This asset is sure to reap substantial interest from the investment community.”
Added O’Neal, “The property recently underwent $4.9 million in capital improvements providing modernized infrastructure.In addition, leasing velocity has increased since the improvements at 11 Beacon and its diverse rent roll provides limited tenant and industry exposure.”
Class B product in Boston has been on a steady upward trajectory since its trough in 2010 and has been an out performing asset class with continued rent growth forecasted. The combination of rising rents and limited vacancy in the Boston Seaport and Back Bay coupled with the leasing of lower level tower space will allow CBD class B rents to grow further.
There are 44 tenants at 11 Beacon Street, including Robert F Kennedy Children’s Action Corp, Massachusetts Institute for a New Commonwealth (MassINC), English Language Center, and Pierce & Mandell, LLC. It is currently 78 percent leased. Floorplates average 12,011 square feet and the weighted average lease term is 5.2 years.
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.
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About Jones Lang LaSalleJones 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 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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