NB Development Sells Boston Landing Building
- Jan 10, 2020
New Balance Development Group has sold 15 Guest St., a 115,551-square-foot, mixed-use property in Boston, for $18.4 million. JLL represented the seller and procured the buyer, R.J. Kelly Co., also closing on an acquisition loan of $12.9 million from Cambridge Trust Co. The retail and warehouse property was 86 percent leased at the time of the transaction.
Built in 2000, the two-story asset is part of the Boston Landing development, the home of the New Balance global headquarters and Warrior Ice Arena, which is NHL team Boston Bruins’ practice facility. The tenant roster at 15 Guest St. includes Newbury Comics, NB Fitness Club and a telecommunications company. The address also encompasses a multi-story, 126,538-square-foot parking garage.
The asset is adjacent to Interstate 90 and within walking distance of the Boston Landing rail station. Fenway Park is within 3 miles of the property and downtown Boston is 5 miles away.
JLL’s Coleman Benedict, Kerry Hawkins and Ben Sayles were part of the team representing the seller. Financing was secured by Lauren O’Neil and Brett Paulsrud. In November 2019, the first three also represented the seller of a 125,609-square-foot property in Andover, Mass. O’Neil procured the buyer in the same deal.