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News release

BOSTON, MA

Suburban Boston Office Deal Highlights Tenant Demand for Creative Space

JLL completes $46 million sale, secures $32 million in acquisition financing of Lexington Corporate Center


BOSTON, August 3, 2016 –  Creative office space continues to be at a premium as tenants in the science, education and technology sector head to suburban Boston. On behalf of Normandy Real Estate Partners, JLL's Capital Markets experts today announced the firm completed the sale of the Lexington Corporate Center. RJ Kelly Company purchased the 288,528-square-foot, Class A office asset for $46 million. JLL also secured $32 million in acquisition financing on behalf of the buyers.

Managing Directors Frank Petz, Chris Angelone and Jessica Hughes led the JLL team on the sale. Senior Vice President Jonathan Schneider the financing effort.

"The Lexington Corporate Center's unique and creative design drew heavy buyer interest in a market where such assets are rare," said Petz. "Suburban Boston has become a hotbed for tech and science tenants seeking to tap the metro area's talent pool without paying Central Business District prices, and many of them are seeking offices with a more modern and innovative feel."

Added Schneider, "The combination of this asset's below market rents, creative layout and amenities package are scarce in this market as demand for suburban Class A office space continues to outpace supply."

"The entire JLL team worked tirelessly to facilitate a very smooth transaction for both parties," said Brandon Kelly, President and CEO of RJ Kelly. "We are thrilled to be the new owners of 10 Maguire Road. The asset is a true complement to our existing 128 portfolio. Much like many of our other recent office acquisitions on 128, we  intend to implement a capital improvement campaign to enhance the common elements of the buildings by creating vibrant environments that encourage collaboration and creative use of all of the common spaces (both interior and exterior) that the park has to offer. We acquired 10 Maguire Road with our long-time partner Independencia with the mindset of owning the asset for a broad time horizon. We will likely rebrand the park to be more in line with the nature of the tenancy and the needs of today's dynamic companies."

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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 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 $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.​