LaSalle Completes Lobby Project; Signs Major Lease at Post Office Square
Following the Chicago-based firm’s purchase of 50 Post Office Square in December 2015 for a reported price of more than $290 million, the firm’s capital improvements at the property have paid dividends.
BOSTON—LaSalle Investment Management reports it has completed its more than $10-million 110 High St. new lobby project and has signed a major lease of more than 100,000 square feet within the 50 Post Office Square property here.
Following the Chicago-based firm’s purchase of 50 Post Office Square in December 2015 for a reported price of more than $290 million, the firm’s capital improvements at the property have paid dividends. The most recent being the 117,000 square foot lease with global life sciences tech firm Medidata Solutions. Members of Medidata’s SHYFT Analytics division will immediately occupy the space at the more than 880,000-square-foot office building.
SHYFT Analytics is the leading platform for commercial and real-world data analytics with products designed specifically for the pharmaceutical, biotech, and medical device industry. Medidata and SHYFT have plans to continue to grow in Boston. The deal brings the office tower to full occupancy.
Dave Martel and Gil Dailey of Newmark Knight Frank represented LaSalle, while Lisa Kiell and Kelly Lockberg of JLL represented Medidata Solutions for the lease agreement.
Kristy Heuberger, head of U.S. Asset Management at LaSalle, said, “We are very pleased that our 50 Post Office Square/110 High Street building has been able to capture both Boston’s rich history and bright future through its diverse tenant base and unique designs. We are equally excited to welcome our new tenant, Medidata and SHYFT, to 110 High Street as well, as they will bring a vibrant presence and energy that will complement the building’s marquee location in the Financial District.”
LaSalle’s multi-faceted capital improvement program included a new lobby and High Street entrance designed by Elkus Manfredi Architects, a first-of-its-kind 100-foot digital Boston Media Band Experience programmed with three digital art modes that react to traffic in the lobby in a variety of fun and interactive ways. Created by ESI Design, the media band is designed to extend the experience of the building into the street, while simultaneously bringing the energy of the city inside, LaSalle states.
Earlier this month, LaSalle acquired the property General Lacy 23 in Madrid, a multi-award winning 19th-century office building. The property was acquired on behalf of a separate mandate with a German pension fund.
The General Lacy 23 building is located in the heart of Madrid’s Méndez Álvaro district, south of the central business district of the Spanish capital, is a multi-award winning 19th-century office building. Originally a tobacco factory and converted into an office building two decades ago, the property is currently being modernized as a “green building.” The sole tenant beginning in April 2019 is the Spanish oil company Repsol, which will occupy the space with one of their subsidiaries as its headquarters.