News release

JLL completes sale and financing of Hopkinton office & data center asset

117 South St. is a 56,324-square-foot building in Hopkinton, Massachusetts 

April 24, 2024

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

BOSTON, Apr. 24, 2024 –  JLL Capital Markets announced today that it has completed the sale and financing of 117 South St., a two-story office and data center building totaling 56,324 square feet in Hopkinton, Massachusetts.

JLL marketed the property on behalf of a confidential seller, and procured the buyer, Rhino Capital Advisors. Additionally, JLL worked on behalf of Rhino to secure the acquisition financing. Loan proceeds were used to acquire the property and future proceeds will be used for the repositioning of the building.

117 South St. is located in an established tech and R&D cluster in western Massachusetts, about 26 miles west of Boston. The property has convenient access to Interstates 495, 90 and 95, providing connectivity to the entire Greater Boston area.

The property has a flexible infrastructure that can accommodate multiple uses. Key features include a 100 pound plus floor load, dedicated loading area with two loading docks, raised access floors and ample power. Rhino has plans to increase the asset’s clear height by removing a portion of the second floor to better accommodate R&D/flex use.

JLL’s Investment Sales and Advisory team representing the seller was led by Managing Director Mike Restivo and Senior Director Scott Carpenter.

JLL’s Debt Advisory team representing the borrower was led by Senior Managing Directors Brett Paulsrud and Tom Sullivan.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Rhino Capital

Rhino Capital, a Boston-based, privately held commercial real estate investment and development firm, is focused on the acquisition of industrial, flex, and multifamily properties, geographically concentrated in the Greater Boston MSA and select New England markets. Rhino Capital's investment strategy is centered around identifying unique off-market opportunities that offer attractive risk-adjusted returns. The firm has expertise in acquiring underperforming or undervalued assets and transforming them into high-performing and profitable properties.