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News release

BOSTON, MA

Jones Lang LaSalle Primary Sponsor and Moderator for CoreNet Event on Route 128 Tech Corridor


BOSTON, MA, Dec. 3, 2012 — Why does Route 128 remain of the nation’s top technology corridors? How are locations and workforce decisions influencing the growth of companies located here? These and other questions were addressed by a panel of real estate experts at CoreNet’s Route 128 Technology Corridor event held at Dassault Systèmes’ Americas corporate campus. Jones Lang LaSalle, the exclusive real estate services provider for Dassault Systèmes USA, served as a primary sponsor and Managing Director Brendan Callahan moderated the program.

The speakers were: Dassault Systèmes’ Director of Real Estate Peter Smichenko, Oracle Vice President Real Estate and Facilities Michelle Myer, and Boston Properties Senior Vice President of Leasing David Provost. Columbia Construction Company, Hobbs Brook Management, Margulies Perruzzi Architects, and Officeworks/Teknion were also primary sponsors.

Callahan began the discussion with an overview of Route 128. He referred to the latest ULI Emerging Trends Report which ranks Boston as the second most desirable US city for office investors. “We have a lot going for us,” he said. “Investors are attracted to Boston in this recovery because of our skilled workforce, public transportation and walkability. The area remains to be a high tech and life sciences hub.

“The recession was kinder to us than the previous two downturns,” he continued. “It cost us about 100,000 jobs. The good news is that we’ve recovered 85% of lost jobs compared to a pace of 50% in the US. It is important to note that the jobs that were lost aren’t the ones that were created. Boston’s innovation engine is revving.”

He also pointed out that Massachusetts is second nationally in total venture capital funding with a quarter of it going to companies in Waltham, Burlington and Lexington. “This provides a favorable outlook for high tech offices on 128.”

Oracle’s Michelle Myer explained why the company made the decision years ago to have a significant presence along Route 128. “We always had a presence in Boston. As our staff grew our employees began migrating into the suburbs. Our foray to 128 began at Bay Colony, followed by our first building in Burlington. We find the area desirable due to the quality of life, and in order to attract and retain talent. We also find the Town of Burlington easy to work with.”

Dassault Systèmes came to Route 128 from Route 495. Peter Smichenko commented on that process. “We looked at three attributes: physical, commuting, and our business objectives. We needed a campus environment with significant expansion potential and large floor plates. There were several good choices on 128 that satisfied some or all of our criteria. We found the area to offer us excellent value in terms of occupancy costs and access to the airport. Route 128 provided us with the best combination to satisfy our criteria. The site provides identity and presence. This is a natural fit for us.”

David Provost described what is driving the Route 128 market. “Its medium-to-large home grown companies like Vista Print. They have gone from occupying 50,000 to approximately 200,000 square feet today on Wyman Street. They are now in the market to accommodate future growth. Constant Contact is another example. They are currently looking for 230,000 square feet. These are both examples of organic growth. They looked at Cambridge and the Seaport then decided to stay on 128.”

The Dassault Systèmes campus was awarded the 2012 CoreNet Global New England Best New Workplace – New Construction award. Jones Lang LaSalle represented Dassault Systèmes in the lease transaction, and was project manager for the development.

About CoreNet Global                                                      
CoreNet Global is the world’s leading association for corporate real estate (CRE) and workplace professionals, service providers and economic developers. Nearly 7,000 members with 250 New England members - who include 70% of the Fortune 100 and nearly half of the Forbes Global 2000 - meet locally, globally and virtually to develop networks, share knowledge, learn and thrive professionally. CoreNet Global's mission is to advance the effectiveness of Corporate Real Estate professionals and the entire industry engaged in delivering value to corporations through the strategic management of corporate real estate and workplace resources.

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 billion of assets under management. For further information, please visit www.joneslanglasalle.com.