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News release

BOSTON, MA

TIAA Appoints JLL as Exclusive Leasing Agent for Fort Point Portfolio

Portfolio includes six office buildings totalling more than 408,000 square feet


BOSTON, MA – (May 3, 2016) – TIAA Global Asset Management has appointed JLL as the exclusive leasing agent for its Fort Point portfolio, which it recently acquired from Clarion Partners. Totalling 408,342 square feet, the portfolio includes 6 properties along Farnsworth Street, Congress Street, and Summer Street. GE recently leased more than 60,000 square feet for its temporary headquarters at 33-41 Farnsworth Street, one of the portfolio’s largest buildings.

Dispersed throughout Boston’s evolving Fort Point Channel neighborhood, the portfolio represents more than 10% of the total brick and beam space in the Seaport. All of the buildings are turn-of-the-century warehouses thoughtfully converted into first-class office space characterized by exposed ceilings, ample natural light and cool, efficient workspace. The combined assets are currently 97% percent leased, with tenants that include Isaacson, Miller, Digital Lumens, John Snow, and Wilson Architects. 

“TIAA is one of the largest stakeholders in the city of Boston with both large debt and equity holdings,” said Sam Flood, TIAA Head of Northeast Acquisitions. “We strongly believe in the city, its continued strength and the long term viability of real estate investments here, which we are actively continuing to seek across asset and risk classes. This portfolio allows us to diversify our current holdings and provides for creative value enhancement moving forward.”

According to JLL Managing Director Ben Heller: “We are excited to market this dynamic portfolio. The Fort Point neighborhood is undoubtedly one of the hottest submarkets in the city right now, as evidenced by the area’s unique brick and beam supply, influx of residential units and addition of dozens of new restaurants. With the recent announcement that GE will soon be making its permanent home just a few blocks away, the assets in this portfolio are uniquely positioned to benefit from all of the buzz that is occurring nearby, providing tenants with cool, creative office space in an area where they can live, work, and play.”

JLL’s leasing team is lead by Heller, Senior Vice Presidents Patrick Nugent and Molly Heath, and Vice President Dan Cavanaugh.

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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 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.​