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News release

BOSTON, MA

Redevelopment Slated for Beacon Hill

JLL closes $43.5 million sale of and secures $31.3 million in financing for Archer Donahue


BOSTON, August 20, 2015 – On behalf of Suffolk University, JLL’s Capital Markets experts today announced that the firm has closed the sale of the Archer and Donahue buildings, located in Boston’s Beacon Hill neighborhood. JDMD Owners purchased the properties, which formerly served as Suffolk Law School, for $43.5 million and the University will remain a tenant of both buildings. JLL also secured $31.3 million in acquisition and predevelopment financing.

Managing Directors Frank Petz and Jessica Hughes and Senior Vice Presidents Michael Coyne and Travis D’Amato led the JLL team on the sales transaction while Managing Directors Dustin Stolly and Aaron Appel and Senior Vice Presidents Heather Brown and Jon Schneider led financing efforts.

“The Archer and Donahue buildings are two well-recognized, landmark assets in one of Boston’s top neighborhoods,” said Petz. “The market’s fundamentals are primed for residential development, given the very limited supply pipeline in the face of surging demand for urban living in Boston.”
 
“The lending community was eager to back this project given the limited opportunities to finance a new, large-scale development in the Beacon Hill neighborhood,” added Stolly.

The buildings total 174,759 square feet and are located at the corner of Derne and Temple Streets on Beacon Hill, near Boston’s key public transit nodes, the downtown business district, the state house, and the Boston Common.

The sale prepares Suffolk University for an upcoming move to its new academic home at 20 Somerset Street.

"The sale of these buildings is an important step in providing students with technology-enhanced classrooms that encourage collaboration and innovation," said Suffolk University President Margaret McKenna. "The sale also provides resources for us to make important campus improvements that will foster exciting new working relationships among faculty, students, and programs."

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.

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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 $56.0 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.