JLL Arranges $168M In Boston Area
JLL, Chicago, arranged $168 million in financing for three Boston-area office and laboratory assets.
In the Boynton Yards area of Somerville, Mass., a JLL capital markets team led by Senior Directors Brett Paulsrud and Jennifer Keller secured $140 million for 101 South Street, a 289,000-square-foot Class A office and lab development. The under-construction project will be the largest lab development in Somerville’s growing life science market.
JLL represented a joint venture between DLJ Real Estate Capital Partners, New York, and Leggat McCall Properties, Boston. Bank OZK, Little Rock, Ark., supplied the financing.
Located one mile from Kendall Square/MIT in a biotech/life science stronghold, 101 South Street will include nine stories of life science space and 13,500 square feet of ground-floor retail. The building is scheduled to deliver simultaneously with the planned 2021 opening of the nearby MBTA Green Line station at Union Square, which will allow direct access to downtown Boston.
Paulsrud said 101 South Street is the first phase of the JV’s planned mixed-use development for Somerville’s Union Square/Boynton Yards area. The overall neighborhood plan includes more than one million square feet of commercial, residential and retail uses in addition to significant public green space.
Paulsrud and JLL Senior Managing Director Lauren O’Neil also secured $28 million for 10 and 20 Mall Road, two Class A suburban office buildings totaling 154,500 square feet in Burlington, Mass., 12 miles north of Boston.
Peoples United Bank, Bridgeport, Conn., supplied a 10-year fixed-rate loan to borrower R.J. Kelly Co., Burlington.
The subject properties occupy the intersection of Route 128/Interstate 95 and Route 3 in Burlington, one of the strongest suburban office markets in the country with corporate tenants including Oracle, Keurig and Raytheon. The smaller property, 10 Mall Road, contains 58,160 square feet leased to four tenants; 20 tenants occupy 96,200-square-foot 20 Mall Road.
