Pearlmark Real Estate Partners, L.L.C. (formerly Transwestern Investment Co.) completed the lease of 24,764 s/f of first class office space to Public Consulting Group (PCG) at 40 Broad St. in downtown. The space on the entire fourth floor is an expansion of PCG's presence in the city. The 286,000 s/f modern mid-rise office and retail tower is owned by Pearlmark.
Jones Lang LaSalle (JLL) senior vice president Brad McGill, executive vice president Tom O'Regan, and associate Kelly Lockberg negotiated on behalf of Pearlmark. Colliers senior vice president Leigh Freudenheim and assistant vice president Timothy O'Brien represented PCG. Occupancy is scheduled for March 2012.
Joseph Concepcion, managing director of Pearlmark, said, "With the completion of our significant capital improvements and modernization program, we continue to attract high quality tenants like PCG. We're thrilled to have them as a tenant, and add them to our impressive roster."
Manager of PCG Debbie Clark said, "The building makes perfect sense for us. It gives us a central location in close proximity to our corporate headquarters at 148 State St., in a vibrant neighborhood. 40 Broad St. supports our future growth plans here in Boston."
Located in the Financial District, 40 Broad St. overlooks the Rose Kennedy Greenway, a block from Faneuil Hall, the waterfront, and part of the city's Crossroads Initiative. Recent renovations set the tone for the boutique mid-rise's new image. Featured are new entries, a new main lobby with original art, and a complete redesign of the elevator cabs. The lobby is contemporary in design with wood and glass panels. There is also new stone flooring, and a more open lobby presence with seating areas and a repositioned front desk. Other tenants include Mullen Communications, Advent Software Inc., and Gesmer Updegrove.
McGill said, "PCG is a great tenant and a perfect fit for 40 Broad St." 40 Broad has just 19,000 s/f of contiguous space available at street level and on floor two.
The property manager for 40 Broad St. is Lincoln Property Co. Their senior property manager is Juanita Ortiz.
About Public Consulting Group
Public Consulting Group, Inc. (PCG) is a management consulting firm that primarily serves public sector education, health and human services, and other state and municipal government clients. Established in 1986 with headquarters in Boston, Massachusetts, PCG operates from 35 offices across the U.S. and in Montreal, Canada and Lodz, Poland. The firm has extensive experience in all 50 states, clients in six Canadian provinces, and a growing practice in the European Union.
About Pearlmark Real Estate Partners
Chicago-based Pearlmark Real Estate Partners is a principal-oriented, private equity real estate investment firm that pursues domestic, value-added investment strategies through a series of institutional equity fund vehicles. Since its inception in 1996, the firm has made over 460 office, industrial, retail, multifamily, and mezzanine loan investments nationwide representing a gross investment of $11 billion. The current equity portfolio includes 41 office buildings, seven retail properties and two industrial assets totaling over 23.4 million s/f, as well as 14 multifamily assets with approximately 3,400 units. Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed nearly $4 billion of equity capital to the firm's investment activities. The company currently employs 60 professionals and is based in Chicago with offices in Denver, Los Angeles, and New York City.
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 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with $47.9 billion of assets under management.