Boston, June 22, 2017 – With the recent rebirth of Boston’s Downtown Crossing, home to the new Millennium Tower, Primark, Roche Brothers, Macy’s, Old Navy, and several restaurant and retail concepts, 399 Washington Street has long been eyed by Chicago-based firms, L3 Capital and LaSalle Investment Management, who just closed on the DTX gem on Wednesday. Often referred to as the “Barnes & Noble building” in light of the last tenant to occupy the space, the building – now branded as DTX 399 – will undergo a major facelift while the selected brokerage team at Colliers International works to identify and secure suitable retail and office tenants for the space. Led by senior vice presidents Peter Montesanto and Dan Collins and supported by associates Ted Lyons and Chris Janelle, the team is passionate about finding the right fit for the building and for the neighborhood. “We are beyond excited to publicly introduce this incredible opportunity to the market,” noted Montesanto. “Given its proximity to the Millennium Tower and the exciting tenants who accompanied that ‘game-changing’ project, we anticipate tremendous interest from flagship retailers and innovative companies drawn to the vibrancy and accessibility of DTX.”
DTX399 comprises over 77,000 square feet – six levels of prime retail and creative office space atop one of the City’s most active street corridors. As a nod to the building’s unique architecture, the redevelopment – commencing summer 2017 – will maintain several existing attributes while juxtaposing a sleek, contemporary flare to the street and second levels of the building, and implementing a complete overhaul of both interior and exterior building systems.
“L3 Capital is excited about adding this premier asset to our portfolio in such a dynamic corridor,” noted L3’s Tim Phair. “Boston’s DTX 399 has long been on our radar as an incredible repositioning opportunity and we are eager to begin working with our partners at LaSalle Investment Management to bring our vision for the building to life.”
About L3 Capital
L3 Capital is a best-in-class boutique prime urban retail real estate investment firm that targets institutional quality core-plus and value-add urban retail investments within first tier metropolitan markets.
Founded in October 2009, L3 Capital is characterized as an entrepreneurial, innovative and high-energy real estate investment firm that is grounded in impressive experience and expertise. With diverse institutional backgrounds in investment and development, the principals of L3 Capital possess complementary skills that include acquisitions, asset management, and capital markets, giving them a unique mixture of agility and fluency. The combination of an operating capability with investment acumen gives L3 Capital its competitive edge, allowing the principals to identify inconsistencies, dislocations, and value opportunities in order to realize superior risk-adjusted investment returns.
The longstanding adage in the real estate business — “location, location, location” — is at the heart of the L3 Capital brand, reflecting the company’s focus on investing in well-located real estate assets in major metropolitan markets — San Francisco, Los Angeles, Chicago, New York, Boston, Miami and DC.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately $58 billion of private and public equity and private debt investments under management of all LaSalle Investment Management affiliates. LaSalle Investment Management’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle Investment Management affiliates sponsor a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management affiliates are wholly-owned, operationally independent subsidiaries of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.