BOSTON– 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.”
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.
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.