Waltham, Mass. (September 18, 2008) - Normandy Real Estate Partners, one of the largest real estate owners and operators in the Boston to Washington, D.C. corridor and Neelon Properties, held an official topping-off ceremony at Overlook Center in Waltham today. The celebration featured a short speaking program and ceremonial raising of the last steel beam.
Adobe Systems Incorporated has entered into a purchase and sale agreement with Normandy Real Estate Partners and Neelon Properties to acquire the property upon substantial completion and is expected to close on that transaction by late spring of 2009. Normandy, Neelon and Adobe are jointly pursuing a high-level LEED certification through the United States Green Building Council (USGBC) for both the exterior shell and the interior of the 108,500 square-foot building.
“We are thrilled to have reached this significant construction milestone at Overlook Center. This property will offer Adobe an environmentally sensitive new building with highly flexible floor plates, cutting-edge energy efficient systems and a full amenity package to help attract and retain Adobe’s valued employees,” says Justin Krebs, a principal in Normandy Real Estate Partners who oversees the firm’s portfolio in the Greater Boston area. “Normandy’s ability to leverage our vertically integrated platform, particularly construction and development, allowed us to work closely with Adobe to make this building a reality.”
The Adobe property, designed by Perkins + Will of Boston, will feature contemporary design elements of glass and steel and include approximately 360 spaces of on-site covered parking, a café, fitness center, triangular conference facility, abundant natural light and a courtyard drop-off area. From Overlook Center’s elevated setting there will be dramatic 270-degree views to the north and south.
Senior Vice Presidents Alex Dauria and Keith Gurtler, along with Associate Brenden Cohn of Jones Lang LaSalle represented Normandy in the sale of the building. Jones Lang LaSalle also completed a $25.5 million construction loan for Overlook Center in February of 2008. The loan was secured through National City Bank. Managing Director Thomas Ikeler and Vice President Jim Gladden worked with Normandy and Neelon to secure the loan after successfully representing Neelon in the formation of their equity joint venture with Normandy. T3 Advisors represented Adobe in the deal.
Jones Lang LaSalle’s Alex Dauria said: “We look forward to bringing this exciting new asset to Adobe. Overlook Center is a dramatic first-class development that will change the Waltham landscape.”
Overlook Center is approximately 1 mile south of the Waltham Woods, Astra Zeneca and Bay Colony office parks. Nearby amenities include nine hotels, and numerous restaurants.
About Normandy Real Estate Partners
Normandy Real Estate Partners, one of the nation’s leading privately held investment management firms, owns and operates one of the largest diversified real estate portfolios in the Northeast/mid-Atlantic region. Since its founding in 2002, Normandy has acquired a portfolio totaling more than $3 billion. The firm has been extremely
active in the Greater Boston area, where it owns 32 commercial properties comprising more than 3.7 million square feet, 325 hotel rooms, and various development sites. Most of Normandy’s holdings in the Boston area are in the Route 128 corridor. Normandy maintains its regional headquarters in Boston at 99 Summer Street, which it also owns.
About Neelon Properties
Neelon Properties LLC is a privately-held third generation real estate firm located in Waltham, MA. Neelon is one of the original commercial developers along Rte. 128/I-95, constructing Bear Hill Industrial Park located in Waltham in the 1950’s. This long involvement with the commercial real estate marketplace has made Neelon one of the most established firms in suburban Boston.
Neelon specializes in developing and repositioning office, industrial and flex buildings. Currently, the firm is pursuing opportunities in New England where it can leverage its considerable expertise in the acquisition, development, redevelopment and management of real estate with an emphasis on enhancing and/or adding value. For more information visit www.neelonproperties.com.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to Forbes magazine’s Platinum 400, has more than 125 offices worldwide and operates in more than 450 cities in over 50 countries. With 2005 revenue of approximately $1.4 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of 966 million square feet worldwide. In 2005, the firm completed capital markets sales and acquisitions, debt financings, and equity placements on assets and portfolios valued at $43 billion. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse real estate money management firms, with $39.5 billion of assets under management. For further information visit www.joneslanglasalle.com.