Petz, Hughes and Sherry of JLL close $18.2 million sale of One Milk Street - on behalf of the International Institute of New England

Boston, MA On behalf of the International Institute of New England, JLL’s capital markets experts have closed the sale of One Milk St., a 36,531 s/f mixed-use property located on the corner of Washington St. and Milk St. Midwood Investment and Development purchased the asset for $18.2 million.

Managing directors Frank Petz and Jessica Hughes led the JLL investment sales team on the transaction along with vice president Matthew Sherry.

“The sale of One Milk further underscores the insatiable demand for well-located assets in Boston,” said Petz. “The current and pending vacancy was attractive to investors, and pricing was driven to record highs given the large retail component.”

Located in downtown, One Milk sits amidst the Washington St. Corridor resurgence, surrounded by the expansion of new high end retail, luxury residential and mixed-use developments. Owned and occupied by the International Institute of Boston since 1997, the 5,000 s/f upper floors are currently used as classrooms and administrative offices. The iconic six-story building can accommodate a number of different uses and layouts, attracting an expanding and diverse tenant base for both the retail and office components of the asset.

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 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 $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.