BOSTON, June 13, 2006 – The Beal Companies LLP and Rockpoint Group L.L.C. have named Jones Lang LaSalle to be the exclusive leasing agent for Seaport Center (formerly The Fargo Building) on Fargo Street in Boston's Seaport District. The 465,000 square foot first class office building is located one block from the waterfront with direct access to the Ted Williams Tunnel.
A major capital improvements program is planned by the new owners of the 9-story mid-rise building that includes changes to the main entrance, landscaping with a plaza area, and systems upgrades. The new 800-room Westin Boston Waterfront Hotel, opening June 2006, is across the street.
Seaport Center also features: flexible and expansive 54,000 square foot floor plates for users from 5,000-250,000 square feet, a modern main lobby, abundant on-site parking, new elevators, heavy floor load capacity, enhanced public transportation via the MBTA's new Silver Line, and dedicated shuttle bus service to South Station running every 20 minutes at rush hours.
“Seaport Center is the right building, in the right location, at the right time,” said Beal Companies Vice President Stephen Faber. “We feel very fortunate to be able to acquire a quality property like this in the city’s most dynamic submarket, and to be working with Spaulding & Slye, a firm that shares our vision for the area and the asset.”
With views of the Boston Harbor, Seaport Center is also a block from water shuttles, Boston Convention Center, the Seaport Hotel, World Trade Center, the new Institute of Contemporary Art, Fan Pier, and bus service to downtown. It is five minutes from Logan Airport, and South Station’s MBTA and commuter rail lines serving the south markets with AMTRAK connections to New York and Washington, DC. Tenants include: Altran Corporation, WorldCom, and Tivoli Audio.
“The new ownership brings a fresh vision and new ideas to the asset," said Bill Barrack, Managing Director of Spaulding & Slye. "The building is surrounded by significant infrastructure improvements and added amenities. Seaport Center is positioned for a bright future on Boston’s seaport."
Barrack is joined in the marketing effort by Spaulding & Slye Senior Vice President Bill Collins and Vice President Ben Heller. There is currently 290,000 square feet of space available on all floors.
About The Beal Companies, LLP
The Beal Companies, LLP is a Boston based Real Estate Development and Investment firm founded in 1888 and actively pursuing investments in all segments of the Real Estate Industry throughout the country. Activities include the Acquisition and Development of Commercial, Historic and Residential properties, Asset Management for The Beal Companies, LLP and others, Brokerage and Consulting, Appraisal and Tax Assessment and Construction Management Services. A more detailed review of the firm and its capabilities can be found at www.bealco.com.
About Rockpoint Group, L.L.C.
Rockpoint Group, L.L.C. ("Rockpoint") is a global real estate investment management firm with 44 professionals located in Boston, Dallas, San Francisco, Frankfurt, London and Tokyo. Rockpoint targets a broad range of real estate-related investments with a particular focus on value creation opportunities, distressed/restructuring opportunities and complex situations across all asset classes and geographic regions. Since inception, Rockpoint has raised in excess of $2.7 billion of capital, and has invested or committed to invest approximately $2 billion of capital.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to Forbes magazine’s Platinum 400, has more than 125 offices worldwide and operates in more than 430 cities in 50 countries. With 2005 revenues of approximately $1.4 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of 923 million square feet worldwide. In 2005, the firm completed capital markets sales and acquisitions, debt financings, and equity placements on assets and portfolios valued at $43 billion. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse real estate money management firms, with approximately $30 billion of assets under management. For further information, please visit www.joneslanglasalle-boston.com.