Creative office in Boston’s premier wellness hub trades for $72M
JLL Capital Markets closes the sale of 20 Guest Street located adjacent to Boston Landing
BOSTON, October 26, 2020 – JLL Capital Markets announced today that it has closed the $72 million sale of 20 Guest Street, a 228,912-square-foot creative office building located adjacent to the Boston Landing neighborhood in Boston, Massachusetts.
JLL represented the seller, NB Development Group, and procured the buyer, a partnership between Griffith Properties, LLC and Artemis Real Estate Partners.
20 Guest Street is located adjacent to Boston Landing, one of the city’s newest and most dynamic neighborhoods that is considered by many to also be Boston’s premier wellness hub. Highlights of the neighborhood include the new Boston Bruins practice facility and Warrior Ice Arena, The Auerbach Center, the Boston Celtics practice facility and the soon-to-be home of The Track at New Balance, a world-class indoor hydraulic track, field and entertainment venue. 20 Guest Street boasts a transit-oriented location adjacent to the Massachusetts Turnpike as well as the MBTA Boston Landing station providing convenient access to the affluent western suburbs as well as Fenway, Back Bay and Downtown. Completed in 2000 and designed by ADD, Inc., the state-of-the-art creative office building features expansive views through its generous window line, column-free floorplates with exposed ceilings and flexible tenant areas. 20 Guest Street is fully leased to seven tenants, including Harvard Business School of Publishing.
The JLL Capital Markets team representing the seller included Senior Managing Director Coleman Benedict and Senior Directors Kerry Hawkins and Ben Sayles.
“We are excited to welcome the Griffith Artemis team to the Boston Landing Guest Street neighborhood. 20 Guest Street had served as our New Balance World Headquarters since its development in 2000, until our move down the street to the new New Balance World Headquarters at 100 Guest Street, kicking off the Boston Landing development in 2015. We look forward to working with the new ownership group for 20 Guest Street as stewards, along with the community, for the extended Boston Landing district,” said Jim Halliday, President of NB Development Group, LLC.
“Griffith Properties is excited to partner with Artemis Real Estate Partners on the acquisition of 20 Guest and to add this compelling Class A property to our portfolio, in one of the most exciting and emerging live/work/play environments in Boston. NB Development led the transformation of the area with the new MBTA commuter rail stop, which is a game-changer and unlocked a multitude of possibilities in this walkable environment,” added Managing Principal Marci Loeber of Griffith Properties.
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 investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About NB Development Group
NB Development Group brings community consciousness to urban development. As a team, we’re experienced in the traditions of Boston’s commercial real estate industry, working in partnership with local communities to help develop sites and manage properties to their fullest potential. To learn more, visit nbdevelopment.com.
About Griffith Properties, LLC
Griffith Properties, LLC is a woman-owned real estate investment firm that employs extensive operating and investing experience to provide investors an attractive risk-adjusted return. The company invests in core-plus and value-added office, industrial, R&D, and life science assets located in the Boston to Washington, D.C. corridor. For more information, please visit: griffithproperties.com.
About Artemis Real Estate Partners
Artemis Real Estate Partners is an investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles and Atlanta. Artemis has raised over $4.6 billion of institutional capital across core, core plus, value-add and opportunistic strategies. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, office, industrial, retail, hospitality, senior housing and medical office. Artemis is a diverse firm and invests both directly and via joint ventures with established, emerging and diverse operating partners. More information can be found at www.artemisrep.com.