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News release

BOSTON, MA

JLL and CBRE/NE Announce BNY Mellon’s Long-Term Lease Renewal at One Boston Place

BNY Mellon adds another 15 years to its 35-year history at One Boston Place


BOSTON, MA – (January 28, 2016) – JLL and CBRE/New England announce that BNY Mellon has executed a 15-year lease renewal of approximately 250,000 square feet to stay at One Boston Place, a property owned by a joint venture of TIAA-CREF and Ivanhoe Cambridge. BNY Mellon has been the anchor tenant in the building since 1980.

As part of this significant lease extension, the ownership team at One Boston Place committed to significantly revamping the amenity offerings to the building including an outdoor terrace on the second floor, a conference center and a health and wellness center.

“Our relationship with BNY Mellon has lasted over three decades and we are very pleased they chose to extend their commitment at One Boston Place,” stated Laura Palombo, Senior Director, Asset Management for TIAA-CREF. “We feel the new amenities will greatly enhance our tenants’ experience as well as attract new interest in the property.”

“We’re proud to be able to further our longtime presence in downtown Boston with this lease renewal,” said Chip Logan, Director of Global Real Estate for BNY Mellon. “Since 1875 we’ve shared a rich history with the city as a contributor to both its economic growth and the community. We look forward to working with the ownership team at One Boston Place on the new amenities we’ll be able to offer our employees.”

“Large long-term transactions like BNY Mellon’s re-signing at One Boston Place are a testament to the strength and continued popularity of Downtown Crossing for large office tenants,” said Rosemarie Sansone, President & CEO of the Downtown Boston Business Improvement District (BID). “Not only is the neighborhood easily accessed by every MBTA line, recent openings like the Roche Bros. supermarket and Primark department store have provided reasons to spend more time in the area after 5PM and on the weekends. In addition to neighborhood amenities, residential projects in Downtown Crossing are increasing at an accelerated pace. This year more than 470 residential units are opening in the district, with more than 1,000 coming in the foreseeable future. BNY Mellon has been a significant anchor of this neighborhood for more than 30 years and I am thrilled they will continue to be an important part of our future.”

This significant transaction further supports the strong absorption trend in Boston’s CBD, specifically Downtown Crossing. At the close of 2015, CBRE Research reported Boston CBD Class A availability of 13.1% and close to 886,000 square feet of positive absorption for the year.

“BNY Mellon’s decision followed an extensive search over two years,” said JLL Managing Director Bill Barrack. “It was driven by One Boston Place’s powerful infrastructure, Downtown Crossing’s dynamic amenities-rich environment, and the strength of owners TIAA-CREF and Ivanhoe Cambridge.”

“One Boston Place, aside from being an iconic part of Boston’s skyline, is an exceptional property thanks to TIAA-CREF and Ivanhoe Cambridge’s continued focus on sustainability and tenant satisfaction,” stated CBRE/NE President and Co-Managing Partner Andy Hoar. “These additional improvements will further cement it as one of the most sought-after spaces in downtown Boston.”

CBRE/NE’s Andy Hoar, Chris Cuddy, Peter Dominski and Kristen Blumetti represented owners TIAA-CREF and Ivanhoe Cambridge in the transaction and JLL’s Bill Barrack, Ben Heller, Bryan Sparkes, Jessica Hughes, Michael Berg, and Peter Riguardi represented BNY Mellon.

About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Dec. 31, 2015, BNY Mellon had $28.9 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manamge, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com/newsroom.

About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $854 billion in assets under management (as of 12/31/2015) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.

About Ivanhoé Cambridge
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and companies in select cities around the world. It does so prudently with a long-term view to optimize risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners that are leaders in their respective markets. Through subsidiaries and partnerships, Ivanhoé Cambridge has direct or indirect interests in over 160 million ft2 of office, retail and logistics properties as well as in more than 23,000 multiresidential units.
 
Ivanhoé Cambridge held more than Cdn$48 billion in total assets as at June 30, 2015. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For further information: ivanhoecambridge.com.

About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

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 $57.2 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.