State-of-the-art research facilities and a location in BioSquare, Boston University's renowned bio-research park drove the sale of 670 Albany St., located in the city's South End. On behalf of Spaulding & Slye Investments, JLL's capital markets experts closed the sale of the 161,254 s/f biomedical research facility. Healthcare Trust of America purchased the asset for $101.5 million.
Managing directors Frank Petz, Jessica Hughes and Mindy Berman led the JLL team on the transaction.
"This asset boasts the highest-quality lab facilities as well as classroom space," said Petz. "We're seeing a tightening market for office/lab properties, making 670 Albany Street all the more attractive to investors."
Located near Boston University Medical Campus and Boston Medical Center, 670 Albany St. features extensive in-place infrastructure to support basic research and hospital laboratory space with a pneumatic tube system. The property is 100% leased long-term to two investment grade tenants.
JLL capital markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients -whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm's capital markets team comprises more than 1,700 specialists, operating all over the globe.
JLL is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion s/f, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Inc.