JLL secures $28.077M financing for suburban Boston office complex
Best-in-class office buildings totaling 154,378 SF in Burlington, Massachusetts
BOSTON, August 20, 2019 – JLL announced today that it has secured $28.077 million in financing for 10 and 20 Mall Road, two best-in-class suburban office buildings totaling 154,378 square feet in the Boston-area community of Burlington, Massachusetts.
JLL worked on behalf of the borrower, R.J. Kelly Co., Inc, to secure 10-year, fixed-rate financing with Peoples United Bank.
10 and 20 Mall Road are situated at the intersection of Route 128/Interstate 95 and Route 3 in Burlington, which is located just 12 miles north of Boston. Considered one of the strongest suburban office markets in the country, Burlington is home to major corporate tenants such as Oracle, Keurig and Raytheon, and is one of the most sought after live/work/play neighborhood’s for Boston’s highly educated workforce. 10 Mall Road contains 58,160 square feet and is leased to four tenants while 20 Mall Road is leased to approximately 20 tenants and consists of 96,218 square feet.. Amenities at the buildings include fitness centers, locker rooms, showers, dramatic light-filled atriums, on-site restaurant and conference facilities and ample parking.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Lauren O’Neil and Senior Director Brett Paulsrud.
“JLL was able to work closely with the R.J. Kelly team to secure a loan that met their long-term objectives for the assets,” said Paulsrud. “It is great to see R.J. Kelly’s long-term commitment to Burlington and is always a pleasure working with such a best-in-class organization.”
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. 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
RJ Kelly Co., Inc. (“RJK”) is a New England-based, 60+ year-old, multi-generational, commercial real estate investment, development and management firm. Since its founding in 1951, RJK has developed nearly five million square feet of commercial space in the Greater Boston area. The RJK portfolio today consists of a number of suburban office/R&D properties, retail, mixed-use, a large self-storage portfolio and landholdings throughout New England. RJK’s current portfolio is approximately 4.0 million square feet and is valued at more than $850 million.