JLL arranges sale of new ground lease for Midtown Hotel site
National Development to breathe new life into Boston’s Back Bay neighborhood
BOSTON, March 4, 2020 – JLL Capital Markets announced today that it has assisted The First Church of Christ, Scientist with structuring a new, long-term ground lease with an affiliate of National Development for two parcels of land currently occupied by The Midtown Hotel and One Cumberland Street in Boston’s Back Bay neighborhood.
JLL exclusively represented the ground lessor and procured the ground lessee.
Comprising a total of 62,453 square feet of land, these two parcels of land represent one of the most exciting development opportunities within the City of Boston. The site is located at the confluence of three dynamic neighborhoods (Back Bay, South End and Fenway) and benefits from multiple demand drivers.
The site lies directly across from the 13.5-acre Christian Science Plaza, the largest privately owned, publicly accessible open space in Boston. The distinguished buildings and landscape on the Plaza represent several notable architects’ signature projects.
“The Midtown Hotel site is a real estate trifecta – well located near public transportation, ripe for redevelopment and situated directly across from one of Boston’s grandest landmarks,” said National Development Managing Partner Ted Tye. “We look forward to unlocking the potential of the site and delivering a mixed-use project that contributes to the fantastic location and surrounding architecture.”
JLL’s Capital Markets team representing the ground lessor was led by Coleman Benedict, Riaz Cassum, John Fowler, Chris Phaneuf and Ben Sayles.
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 advisory, 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.