BOSTON, MASSACHUSETTS, October 8, 2008 ─ Owner TIAA-CREF has completed extensive capital improvement programs at 99 High and One Boston Place, two premier first class office and retail buildings in Boston's Financial District. 99 High is an iconic 730,000-square-foot signature tower on the corner of High and Congress Streets overlooking the Rose Kennedy Greenway. One Boston Place, a joint venture between TIAA-CREF and SITQ, is home to a number of the city’s most prestigious law, financial, and corporate firms and is currently 97.8% leased.
"These landmark towers at 99 High and One Boston Place have been updated as part of our continuous efforts to actively manage our properties and real estate portfolio,” said Michael Farrell, Director, Asset Management, TIAA-CREF Global Real Estate. "We expect that these buildings will be even more desirable locations for our tenants to do business and will continue to add value to our clients.”
Jones Lang LaSalle is the exclusive leasing agent, construction manager, and property management agent for 99 High. CBRE New England is the exclusive leasing agent and property manager at One Boston Place. The base building redesign work at 99 High was done by Elkus Manfredi Architects. The architect for One Boston Place was CBT Architects.
99 High is a landmark building one block from Boston Harbor and Post Office Square. It has direct access to the Mass Pike and I-93. It is also two blocks from South Station and the MBTA and commuter rail lines which serve the south markets and offer AMTRAK connections to New York and Washington, DC.
Significant upgrades at 99 High include: a new monumental portal entrance, granite facade on the lower levels, awnings and planters at street level, brighter energy efficient lobby lighting, a replacement of the High Street sidewalk, new exterior lighting to floor 20, elevator modernization, and complete system updates. The high performance tower was awarded the Energy Star designation by the U.S. Environmental Protection Agency in 2007.
"99 High is now virtually a new building inside and out," said William Barrack, Managing Director of Jones Lang LaSalle. "It possesses elegance, core strength, and an advanced infrastructure with the vision of a proactive owner in TIAA-CREF. The building meets all of our tenants’ objectives: first class image, performance, quality ownership, and a location in the heart of downtown."
Recently completed work at One Boston Place features: a new entry of transparent and reflective glass; a revised plaza design with new lighting, landscaping and stonework; and a new look to the building’s exterior to complement approximately $10 million of recent lobby improvements. LEED EB initiatives at One Boston Place include an environmentally-sensitive exterior and hardscape, sustainable best practices for maintenance and procedures, and a Heat Island Reduction roof and plaza area.
One Boston Place is a 41-story, and 800,000-square-foot, Class A office building located on the corner of Washington and Court streets in Boston’s Financial District. The building offers access to Beacon Hill, Faneuil Hall and Downtown Crossing and enjoys views of Boston Harbor, the Zakim Bridge and the Boston Common. One Boston Place was recognized as the 2008 Mid-Atlantic “Office Building of the Year” by the Building Owners and Managers Association (BOMA) and is exclusively leased and managed by CB Richard Ellis.
About TIAA-CREF Global Real Estate
TIAA-CREF is one of the largest institutional real estate investors in America, managing a global portfolio of direct and indirect investments totaling approximately $70 billion (6/30/08). TIAA-CREF originated its first commercial mortgage in 1934 and began direct investment in commercial real estate in 1947. Today, TIAA-CREF Global Real Estate invests in and actively manages real estate on behalf of individual and institutional clients worldwide. TIAA-CREF Global Real Estate’s property portfolio consists of over $24 billion (6/30/08) in equity investments in office, retail, industrial, and residential properties located across the United States, Canada and Western Europe. TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields with $420 billion in combined assets under management (6/30/08).
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 2007 global revenue of $2.7 billion, Jones Lang LaSalle has approximately 170 offices worldwide and operates in more than 700 cities in 60 countries. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.2 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the worlds largest and most diverse in real estate with approximately $49.7 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2007 revenue). CB Richard Ellis is the only commercial real estate services company named one of the 50 “best in class” companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune.
CB Richard Ellis’s New England practice has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. The firm serves real estate owners, investors and occupiers by offering strategic advice and execution for: property leasing and sales, property, facilities and project management, corporate services, debt and equity financing, investment management, valuation and appraisal, research and investment strategy, and consulting. Please visit our Web site at www.cbre.com.