Creative office in Boston’s premier wellness hub trades for $72M

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.

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