BOSTON, MASSACHUSETTS, October 25, 2008 – Jones Lang LaSalle, the world’s leading financial and professional services firm specializing in real estate, has completed the sale of 55-57 Union Street in Worcester, MA. Jones Lang LaSalle Senior Vice President Brendan Callahan represented the seller, Charles River Laboratories and procured buyer, TDG Union Street LLC, of the 5-story, 160,000-square-foot office and laboratory building.
With over 20,000 square feet of existing wet laboratory spaces, TDG plans to reposition the asset to attract life science tenants in concert with efforts from the City of Worcester and Massachusetts’ Life Sciences Law. State-of-the-art improvements planned at the property include renovation of the building’s lobby, installation of a new grab and go café, and various tenant fit ups. TDG has retained Jones Lang LaSalle as the exclusive leasing agent to plan and execute a strategy to bring the property to market under the name Redstone Center, a low-cost alternative for life science, biotech and office users in the market.
The Jones Lang LaSalle team marketing the property is comprised of Senior Vice Presidents Daniel Cordeau and Brendan Callahan. Callahan commented: “The building has several existing built lab spaces that rivals those in Cambridge and Lexington, and can be delivered immediately at a fraction of the rental rates of those markets. In addition to the improvements planned by the ownership, the building has incredible infrastructure including redundant HVAC systems, and as many as four back up generators. The building also houses a state of the art vivarium in a portion of the building that was recently renovated by previous tenant Charles River Laboratories. The unique infrastructure of this facility combined with very low rents, flexible owners with renovation allowances and economic incentives makes Redstone Center uniquely positioned for success in this economy.”
“Worcester is truly a leader in the life sciences industry with its cluster of companies and both academic and health institutions,” said Robert Coughlin, President and CEO of the Massachusetts Biotechnology Council. “Redstone Center offers an excellent opportunity for our member companies to get started and grow, as we continue to take advantage of the talented workforce and build for the economic future of Massachusetts while helping patients around the world.”
City Manager of Worcester Michael O’Brien added: “We are committed to helping life science companies expand and/or locate in Worcester through a straight forward permitting process and local incentives.”
Located at on Union Street in the heart of downtown Worcester, the building has proximity to local institutions including Worcester Polytechnic Institute, Massachusetts College of Pharmacy and UMASS Medical Center. Originally constructed in 1929, the building has been converted over the years to laboratory uses by past owners and occupiers including TSI, PerkinElmer and Charles River Laboratories.
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 serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. 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 world’s largest and most diverse in real estate with more than $53 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.