According to CB Richard Ellis, the Bank of New York Mellon has extended its lease for 362,293 s/f at One Boston Place. The company will remain in a long-term lease on approximately 20 floors of the building, a 41-story class A office tower also known as the BNY Mellon Center. One Boston Place, one of the world's first buildings to receive LEED EB: O&M Gold (Leadership in Environmental Energy and Design for Existing Buildings: Operation & Maintenance), is owned by a joint venture between national financial services organization and institutional real estate investor TIAA-CREF and real estate investment firm SITQ Immobilier. The building is exclusively leased and managed by CB Richard Ellis.
"Bank of New York Mellon's decision to continue its operations at One Boston Place is a testament to its excellent location and the top quality property management we've instituted with SITQ and CB Richard Ellis, including and extending beyond environmental initiatives. We will continue to work to create value for Bank of New York Mellon, our other tenants and our clients," said Michael Farrell, TIAA-CREF Global Real Estate's asset manager for One Boston Place.
The CBRE team of Andrew Hoar, president/co-managing partner, Christopher Cuddy, senior vice president/partner, Lauren Phelan Lipscomb, vice president, and Emily Batchelder, vice president/general manager, represented TIAA-CREF and SITQ Immobilier in the transaction. Managing directors J.C. Pelusi and William Motley of Jones Lang LaSalle represented Bank of New York Mellon.
In addition to Bank of New York Mellon, which has maintained offices at the building since 1972, the 800,000 s/f building is home to nearly three dozen office tenants including Boston Capital Partners, Robinson & Cole and Wells Fargo. Constructed in 1970 and renovated in 2008, the building is Boston's third-tallest tower and its highest-rated LEED EB building.
The building is also the recipient of the 2008 TOBY (The Building of the Year) Earth Award for maximum operational efficiency and minimal environmental impact.
About Bank of New York Mellon: The Bank of New York Mellon Corp. is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $20.7 trillion in assets under custody and administration, $926 billion in assets under management, services more than $11.8 trillion in outstanding debt and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.
About TIAA-CREF Global Real Estate: TIAA-CREF Global Real Estate is one of the largest institutional real estate investors in America, managing a global portfolio of direct and indirect investments totaling approximately $58 billion (6/30/09). TIAA-CREF originated its first commercial mortgage in 1934 and began direct investment in commercial real estate in 1947. Today, TIAA-CREF Global Real Estate invests in and actively manages real estate on behalf of individual and institutional clients worldwide. TIAA-CREF Global Real Estate's property portfolio consists of approximately $16 billion (6/30/09) in equity investments in office, retail, industrial, and residential properties located across the United States, Canada and Western Europe. TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields with $374 billion in combined assets under management (6/30/09).
About SITQ: SITQ is a real estate investment, management and development firm with a portfolio specializing primarily in office buildings and business parks. SITQ owns real estate assets of CAD $12.4 billion, consisting of 122 properties representing more than 39.6 million s/f of leasable space. A leader in the Canadian real estate industry, SITQ also owns assets in the United States, France, the United Kingdom and Germany.
SITQ is a real estate subsidiary of the Caisse de dépôt et placement du Québec. Its shareholders are the Caisse and five leading pension funds. SITQ employs nearly 400 people in its head office in Montréal and in Québec City, as well as its offices Calgary, Paris (France), Frankfurt (Germany) and Brussels (Belgium). For more information: www.sitq.com
About Jones Lang LaSalle: Jones Lang LaSalle is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion s/f worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with more than $41 billion of assets under management.
For further information, please visit our Web site, www.joneslanglasalle.com.
About CB Richard Ellis: CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2008 revenue). The Company has more than 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company and Fortune 100 fastest growing company two years in a row.
CB Richard Ellis's New England practice has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. The firm serves real estate owners, investors and occupiers by offering strategic advice and execution for: property leasing and sales, property facilities and project management, corporate services, debt and equity financing, investment management, valuation and appraisal, research and investment strategy, and consulting.