Boston, MA With the recent rebirth of Downtown Crossing, home to the new Millennium Tower, Primark, Roche Brothers, Macy’s, Old Navy, and several restaurant and retail concepts, 399 Washington St. has long been eyed by Chicago-based firms, L3 Capital and LaSalle Investment Management, who closed on the property.
Often referred to as the “Barnes & Noble building”–now branded as DTX 399–will undergo a facelift while the selected brokerage team at Colliers International works to identify and secure retail and office tenants for the space. The leasing team is led by senior vice presidents Peter Montesanto and Dan Collins and supported by associates Ted Lyons and Chris Janelle.
DTX399 comprises over 77,000 s/f and six levels of retail and office space atop one of the city’s most active street corridors. As a nod to the building’s unique architecture, the redevelopment–commencing this summer–will maintain several existing attributes and implementing a complete overhaul of both interior and exterior building systems.
“We are beyond excited to publicly introduce this incredible opportunity to the market,” said Montesanto. “Given its proximity to the Millennium Tower and the exciting tenants who accompanied that ‘game-changing’ project, we anticipate tremendous interest from flagship retailers and innovative companies drawn to the vibrancy and accessibility of DTX.”
“L3 Capital is excited about adding this premier asset to our portfolio in such a dynamic corridor,” noted L3’s Tim Phair. “Boston’s DTX 399 has long been on our radar as an incredible repositioning opportunity and we are eager to begin working with our partners at LaSalle Investment Management to bring our vision for the building to life.”
L3 Capital is a best-in-class boutique prime urban retail real estate investment firm that targets institutional quality core-plus and value-add urban retail investments within first tier metropolitan markets. Founded in October 2009, L3 Capital is characterized as an entrepreneurial, innovative and high-energy real estate investment firm that is grounded in impressive experience and expertise. With diverse institutional backgrounds in investment and development, the principals of L3 Capital possess complementary skills that include acquisitions, asset management, and capital markets, giving them a unique mixture of agility and fluency. The combination of an operating capability with investment acumen gives L3 Capital its competitive edge, allowing the principals to identify inconsistencies, dislocations, and value opportunities in order to realize superior risk-adjusted investment returns. The longstanding adage in the real estate business — “location, location, location” — is at the heart of the L3 Capital brand, reflecting the company’s focus on investing in well-located real estate assets in major metropolitan markets — San Francisco, Los Angeles, Chicago, New York, Boston, Miami and D.C.
LaSalle Investment Management is one of the world’s leading real estate investment managers with $58 billion of private and public equity and private debt investments under management of all LaSalle Investment Management affiliates. LaSalle Investment Management’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle Investment Management affiliates sponsor a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management affiliates are wholly-owned, operationally independent subsidiaries of Jones Lang LaSalle Incorporated, one of the world’s largest real estate companies.
Colliers International Group Inc. is an industry-leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 12 consecutive years, more than any other real estate services firm.
