BOSTON, Sept. 23, 2021 /PRNewswire/ — JLL introduced in the present day that its Capital Markets group organized debt and fairness financing for the redevelopment of 40 Thorndike, a 475,000-square-foot mixed-use undertaking with workplace, residential and retail makes use of in East Cambridge, Massachusetts.
JLL labored on behalf of the borrower, a three way partnership between Leggat McCall Properties and Granite Properties, to safe the $300 million fixed-rate building mortgage via Financial institution OZK. JLL additionally secured three way partnership fairness for the undertaking via CBRE International Traders.
The redevelopment of 40 Thorndike will give attention to high quality and sustainability, with the undertaking searching for LEED Gold Certification in addition to an enchancment in power consumption requirements of 20% over American Nationwide Requirements Institute suggestions, a inexperienced roof, rainwater harvesting options and a high-performance constructing envelope. Upon completion, the 20-story undertaking will supply 421,000 sq. toes of Class A workplace house, 11,000 sq. toes of street-level retail and 48 inexpensive house models. Facilities will embrace a health house, restaurant house, childcare, a shared convention/group heart and a motorcycle room with adjoining bathe and locker facility. The event group continues to fulfill often with the group to supply updates on building as they work towards a constructing occupancy purpose of Fall 2023.
40 Thorndike is positioned in East Cambridge inside strolling distance of Kendall Sq., Cambridge Crossing and Downtown Boston. Given the proximity to MIT and Harvard College, East Cambridge has grow to be generally known as a preeminent international innovation hub, attracting greater than 300-plus expertise, life science and different progressive firms which can be drawn to the entry to expertise and the chance to collaborate. The location additionally has handy vehicular entry to Storrow Dr., Memorial Dr., Interstate 93, the Massachusetts Turnpike and connectivity to Boston Logan Worldwide Airport, only a 15-minute drive from the undertaking.
East Cambridge is a high-growth market with workplace rents growing greater than 130% since 2010, larger than every other international market. Throughout this identical timeframe, the area has maintained a near-zero p.c emptiness fee. Nearly all of the under-construction provide is slated for lab use, making 40 Thorndike the one totally out there workplace alternative in East Cambridge.
JLL’s Capital Markets group representing the borrower was led by Government Managing Administrators Riaz Cassum and Trey Morsbach and Senior Managing Administrators Brett Paulsrud and Jim Curtin.
“As tenant demand from giant tech tenants more and more shifts to the east coast looking for expertise and high quality existence, East Cambridge and 40 Thorndike are poised to capitalize on this demand,” Paulsrud commented. “We’re proud to be part of this thrilling redevelopment and assist facilitate Leggat McCall’s and Granite’s imaginative and prescient for this progressive undertaking.”
JLL’s Capital Markets group is a full-service international supplier of capital options for actual property buyers and occupiers. The agency’s in-depth native market and international investor data delivers the best-in-class options for shoppers — whether or not funding gross sales and advisory, debt advisory, fairness advisory or a recapitalization. The agency has greater than 3,000 Capital Markets specialists worldwide with workplaces in practically 50 international locations.
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About Leggat McCall Properties
Based in 1965, Leggat McCall Properties is a number one actual property proprietor, developer and repair supplier to company, instructional, healthcare and different shoppers within the Larger Boston Space. Over the previous 10 years, LMP has had a management position in over 42 million sq. toes of undertaking improvement, representing greater than $10 billion of funding. The corporate has executed on 15 initiatives over $200 million, 50 over $50 million, and has additionally developed or acquired roughly $3 billion in property as principals, together with analysis and life science, mixed-use, workplace, and residential properties. The agency has a dominant presence within the quickly rising life sciences, larger schooling and healthcare industries and serves most of the space’s high universities, healthcare techniques and biotech firms, together with Novartis Institutes for BioMedical Analysis, Draper Laboratory, Harvard College, Massachusetts Institute of Know-how, and Brigham & Ladies’s Hospital.
About Granite Properties
Granite Properties is a privately held business actual property funding, improvement and administration firm based in 1991. Granite owns greater than 10 million sq. toes of high-quality workplace house in Dallas, Houston, Atlanta, Denver, Southern California and Nashville. Granite is a longtime investor, developer and supervisor with a give attention to sustainable, high-quality initiatives. Greater than $7.7 billion in actual property transactions and greater than 28 million sq. toes of actual property improvement and acquisitions have been accomplished by Granite. Present plans for acquisition and improvement initiatives in Atlanta, Boston, Dallas, Houston and Southern California are valued at over $1 billion. Granite focuses on creating extraordinary buyer experiences via mixed-use environments, wealthy in facilities, customer-centric service, and progressive wellness options. The agency has been named as certainly one of Fortune Journal and Nice Place to Work Finest Workplaces for the final 9 consecutive years. For extra info, go to: www.graniteprop.com.
JLL (NYSE: JLL) is a number one skilled companies agency that makes a speciality of actual property and funding administration. JLL shapes the way forward for actual property for a greater world through the use of probably the most superior expertise to create rewarding alternatives, superb areas and sustainable actual property options for our shoppers, our folks and our communities. JLL is a Fortune 500 firm with annual income of $16.6 billion, operations in over 80 international locations and a worldwide workforce of greater than 91,000 as of March 31, 2021. JLL is the model identify, and a registered trademark, of Jones Lang LaSalle Integrated. For additional info, go to jll.com.
Contact: Kristen Murphy, JLL Senior Supervisor, Public Relations
Telephone: +1 617-848-1572
Electronic mail: [email protected]