Skip Ribbon Commands
Skip to main content

News release

BOSTON, MA

JLL Closes Sale of Blackstone Science Square

Brickman Associates Purchases Prime Cambridge Office/Lab Building from Centremark Properties


BOSTON, 24 Oct. 2014 — JLL’s Capital Markets experts today announce that the firm has closed on the sale of Blackstone Science Square, a 72% leased, 78,672-square-foot Class A office/lab building in Cambridge, MA on behalf of Centremark Properties. Brickman Associates purchased the four-story brick and beam building for $31,500,000.

Managing Directors Frank Petz and Jessica Hughes led the JLL Investment Sales team on the transaction, along with Vice President Matthew Sherry.

“Blackstone Science Square provides Brickman a great lab facility in the heart of the Cambridge market, where demand for this product type continues to grow,” said Petz. “Brickman clearly understood the opportunity to continue to add value to this unique brick and beam product.”

Located at 237 Putnam Avenue & 19-23 Blackstone Street, Blackstone Science Square has undergone capital improvements Capital investments of $8,100,000 over the past five years including significant infrastructure upgrades to accommodate life science lab tenants and new lobby and common area finishes to Class A standards. There is a 94-space parking lot adjacent to the building. Anchored by Good Start Genetics,Inc., other tenants at Blackstone Science Square include Ambri, Genewiz and Cireca Theranostics.

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 $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.