Skip Ribbon Commands
Skip to main content

News release

BOSTON, MA

Boston’s Biomedical Hub Remains a Favorite Among Investors

JLL closes $101.5 million sale of 670 Albany Street


BOSTON, July 9, 2015 – State-of-the-art research facilities and a location in BioSquare, Boston University’s renowned bio-research park drove the sale of 670 Albany Street, located in Boston’s South End. On behalf of Spaulding & Slye Investments, JLL’s Capital Markets experts today announced the firm closed the sale of the 161,254-square-foot biomedical research facility. Healthcare Trust of America purchased the asset for $101.5 million.
 
Managing Directors Frank Petz, Jessica Hughes and Mindy Berman led the JLL team on the transaction.
 
“This asset boasts the highest-quality lab facilities as well as classroom space,” said Petz. “We’re seeing a tightening market for office/lab properties, making 670 Albany Street all the more attractive to investors.”
 
Located near Boston University Medical Campus and Boston Medical Center, 670 Albany Street features in-place infrastructure including hospital laboratory space with a pneumatic tube system. The property is 100 percent leased to two investment grade tenants.  
 
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 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
For more news, videos and research resources on JLL, 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. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 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.