Skip Ribbon Commands
Skip to main content

News release

BOSTON, MA

JLL Closes Sale of Suffolk University’s Fenton Building


BOSTON, 21 July 2014 — JLL’s Capital Markets experts today announce that the firm has closed on the sale of The Fenton Building, a six-story academic building on  Beacon Hill in Boston on behalf of Suffolk University. 32 Derne Street LLC purchased the six-story building at 32 Derne Street directly behind the State House for $15 million.

Managing Directors Frank Petz and Jessica Hughes, Senior Vice Presidents Travis D’Amato and Michael Coyne, Vice President Robert Borden led the JLL Investment Sales team on the transaction, along with and Associate Brendan Shields.

“This offering gave investors the rare opportunity to purchase a quality asset in one of Boston’s most sought after neighborhoods,” said Petz. “Investors responded enthusiastically to the building’s potential for redevelopment, expansive floor plates, unusual height for its surroundings, superb window line, and views over Beacon Hill to the Back Bay and Charles River. The one-of-a-kind asset has tremendous long-term upside.”

“The sale of the Fenton Building, along with the completion of Suffolk’s new academic building at 20 Somerset Street next year, will allow the University to reshape its campus,” said Gordon King, Suffolk University’s senior director of Facilities Planning and Management. “JLL effectively managed the sale process for us and succeeded in a relatively quick closing and obtaining the highest possible value for the University.”

Prominently located at the corner of Hancock Street and Derne Street, the 47,480-square-foot Fenton Building was constructed in 1830. It is currently used by Suffolk University as classrooms and administrative offices. The University will relocate the uses into other parts of the campus, then into the new 20 Somerset building when it delivers in the fall of 2015.

About Capital Markets
JLL 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 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 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: http://bit.ly/18P2tkv.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. JLL is the brand name of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com. ​