From Frank Petz
Managing Director, Capital Markets
As reported at the end of July by The Real Reporter, the JLL Capital Markets team’s momentum for 2015 is strong. This is a clear indication that our team and comprehensive service offering is working well for our clients. In the first half of the year, the office and investment sales team has secured $507M in closings throughout the region.
The sales for office, industrial and institutional buildings has generated significant investor interest. Our marketing of 745 Atlantic attracted international capital from Oxford Properties who bought the mid-rise across from South Station from Beacon Capital Partners for $114 million. The sale was one of Boston’s largest this year.
The popularity of urban industrial product is also on the rise. This is due to today’s demand for fulfillment from many online retailers. Proximity to the city was key in our sales of 480 Sprague Street in Dedham and 100 Meadow Road on the Boston city line, appealing to Griffith Properties and National Development respectively.
On the institutional side, Suffolk University has several prime properties on Beacon Hill that they’ve looked to our team to position in the marketplace. These assets attracted widespread interest from national developers primarily with an eye toward condominium development. We’ve sold three buildings over the last two years allowing the University to unload real estate and use the income for other investments including the expansion of their Tremont Street campus.
Take a look at last week’s issue of The Real Reporter for additional information on our Multifamily and Debt team’s contribution to our half-billion in year-to-date deals. We look forward to sharing more on their successes with you.