Colliers International has been the property manager for the Massachusetts Institute of Technology’s investment portfolio for over 50 years. In addition, the role of the property manager has evolved over the last ten years to more of an asset management function. No longer is it sufficient to make sure the working environment is clean, has adequate power, and is safe, etc. Owners are now looking to the property manager to analyze the markets, perform leasing functions, generate and analyze much more sophisticated reporting and most importantly, maximize the bottom line. To accomplish this goal, Colliers performs multiple functions as an agent for MIT. The portfolio Colliers manages contains a diverse group of real estate which includes office, biotech, industrial, retail, warehouse and land. In addition to this, in 2005, MIT entrusted Colliers with a portion of its residential property that is utilized as graduate student housing. As an additional service, Colliers also provides lease administration services for assets in which MIT may be a tenant or have an outside interest.


Construction Management – At One Broadway, a 17-story, 335,838-square-foot office tower, Colliers has been an active participant and helped spearhead the revitalization of this property. MIT purchased the property in 1998 when it was in disrepair from the previous ownership. Immediately, the penthouse, which housed the main physical plant and was contaminated with asbestos fireproofing material, underwent asbestos abatement while the building remained open for business. Once this was accomplished, the building’s HVAC equipment was removed and replaced with a new system. Since that day, Colliers has overseen the transformation of the building. Projects completed or underway to date include: Asbestos abatement
Lobby renovation
5th floor addition totaling 22,262 square feet
Installation of window microfilm to eliminate glare and reduce utility costs
Hiring of a parking garage management firm
Conversion from steam to gas-fired boilers
Procure alternative gas and electricity suppliers
Assist in the re-measuring of the building
Tenant improvement coordination
Leasing – Whenever possible, MIT prefers that the leasing of its properties be performed in-house. This includes negotiating leases and drafting of lease documents.
Some recent deals include:
Au Bon Pain Corp. – leasing 3,163 square feet at 238 Main Street
Excontext – leasing 5,052 square feet at 238 Main Street
Compucyte Corp. – renewing lease at 12 Emily Street for 11,500 square feet of lab/office space
Fidelity Investments – leasing 5,997 square feet at 238 Main Street
Colliers negotiated these leases and drafted the leasing documents for legal review. Reporting – Over the years, MIT customized its reporting requirements. In addition to traditional monthly reports, Colliers International designed and implemented schedules unique to MIT which analyze IRR, NOI, valuations, cap rates, 5- and 10-year capital schedules, among other data points. The annual budget process includes analyzing market conditions and reporting on velocity, absorption, vacancy rates and rental rates. Colliers’ budget process reports budget/forecasts for three fiscal years. Property Management – Currently, Colliers manages MIT’s commercial portfolio of the property types noted above, totaling over 2 million square feet. While this is not a staggering number in and of itself, the fact that Colliers’ services to MIT involve monitoring and reporting on over 35 properties, can be challenging. On the residential side, Colliers manages a portfolio that consists of 16 properties totaling over 500,000 square feet. Colliers’ approach to this assignment is proactive rather than reactive. MIT has entrusted in Colliers a portfolio that has a market value of over $400 million dollars. Colliers is constantly looking outside the box to better serve MIT’s tenants and ultimately MIT as the owner. The firm’s long-standing relationship with this institution speaks volumes about Colliers International’s work and commitment to serve each client’s best interest.

Multiple Sites
Cambridge, MA, USA

Boston Brokerage
Real Estate Management Services

Services Provided
Property Management
Asset Management
Construction Management
Landlord Represenation