Beal/Street-Works, the Partnership Behind Historic $1.6B Downtown Quincy Plan, Appoint Jones Lang LaSalle as Leasing Agent for New Quincy Center Office and Medical Office
BOSTON, August 22, 2012 — Beal/Street-Works, the partnership between The Beal Companies and Street-Works Development to co-develop 50 acres of historic downtown Quincy, Massachusetts, have appointed Jones Lang LaSalle as the exclusive leasing agent for the office and medical office space at the new Quincy Center. This component represents 1.1 million square feet of the 3.5 million square foot mixed-use urban revitalization in the heart of downtown Quincy.
The new Quincy Center project is a model for cities across America. The $1.6 billion redevelopment plan is a historic private/public partnership with the City of Quincy. A neighborhood of offices in five buildings, comprising approximately 700,000 square feet of retail, two new hotels, 1,400 residential units, and multiple new parking garages providing 5,000 public parking spaces, will all be anchored by an expanded public space, called Adams Green, and a new visitor’s center that will more effectively highlight Quincy’s role as the birthplace of two American presidents.
The 1.1 million square feet of new state-of-the-art green office and medical office space will be a destination for health care, life sciences, higher education institutions, and other quality office tenants just eight miles from Boston. All permits for the 50 acre and 20 city block project are in place, infrastructure improvements are well underway, and groundbreaking will begin in mid-2013.
As Beal/Street-Works, The Beal Companies and Street-Works share a commitment to cities and bring a wealth of shared experience to the project. Street-Works has successfully completed mixed-use projects from California to Connecticut, including Santana Row in San Jose, California, Bethesda Row in Bethesda, Maryland and Blue Back Square in West Hartford, Connecticut. Currently, Street-Works is leading major urban redevelopments in Detroit and Dallas.
“The Quincy Center redevelopment is the right project at the right time,” said the Beal Companies Senior Vice President Stephen Faber. “It represents a tremendous opportunity to give Quincy new life, and it is in our office program where we find the real exciting prospects for transformation. Rather than just putting up buildings, we plan to create an environment where medical institutions can utilize the latest in technology and consumer trends to redefine how they interact with patients. We look forward to working with Jones Lang LaSalle to realize this vision.
According to Street-Works Managing Partner Ken Narva, “Overall, our program will bring Class A office space to downtown Quincy, a market which has been underserved in the past. The possibility for connectivity between our two signature office towers will provide a potential floor plate of up to 60,000 square feet. We are excited to get this program underway with the expertise of Jones Lang LaSalle on board.”
“Jones Lang LaSalle is excited to be partnering with the visionary team of Beal Companies and Street-Works on this marque assignment,” Jones Lang LaSalle Executive Vice President Tom Kent said. “Beal Cos.’ long experience in building and managing large scale properties throughout Greater Boston, combined with Street-Works expertise in high profile urban strategies, positions new Quincy Center for a bright and successful future. They have made important progress toward creating a vibrant mixed-use destination, and making the City of Quincy truly a 24-hour city.”
Joining Tom on the Jones Lang LaSalle leasing and marketing team are: Managing Director Bill Barrack, Senior Vice President John Osten, Vice President Sean Lynch, Senior Vice President, Stephen Steinberg, and Junior Associate Jordan Yarboro. The agents for retail leasing are National Realty and Development Corp., and CBRE/Grossman Retail Advisors LLC.
Beal/Street-Works is committed to creating the next generation of livable and sustainable downtowns. We believe that by both honoring history and embracing innovation, we can combine the best of the past and the future to create exceptional urban spaces where people will want to live, work, play—and stay. We balance bold and original approaches to development with responsible financial stewardship. Together, Beal/Street-Works is re-imagining what is possible for development in the 21st century. www.quincytime.com, www.bealco.com, www.street-works.com
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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