October 11, 2017
Boston – Transwestern Consulting Group (TCG) today announces it has brokered six leases on behalf of Jumbo Capital Management that bring 50 Congress St. in Boston to 92 percent occupancy. TCG Partner John Barry, along with Senior Vice President Patrick Buckley and Assistant Vice President Abby Callahan, represented building ownership in the transactions.
Jumbo Capital acquired the iconic Boston mid-rise building in May 2017. The firm has initiated a capital campaign to upgrade the lobby, renovate the hallways and make improvements to the entrance, including a new awning and updated lighting. The capital campaign is expected to be completed by first quarter 2018.
“In Jumbo Capital’s short tenure of owning 50 Congress St., the firm has displayed a considerable level of commitment to improving the building, which is already one of the city’s most recognizable addresses, helping them retain existing and attract new tenants,” said Buckley.
Most notably, TCG brokered a new 5,182-square-foot lease with Educatius Group, a leading global organization placing and managing international students in academic programs in the U.S. and 12 other countries. Educatius is relocating its headquarters to the seventh floor of 50 Congress St. from 22 Batterymarch St. in the Financial District. The company was represented in the lease by Greg Tanner of Colliers International.
Located in Boston’s Financial District, steps from Post Office Square Park, and occupying a full city block, 50 Congress St. is a 10-story office building with approximately 180,000 square feet of space. The building features distinctive Beaux Arts architectural exterior designs and a marble lobby with brass finishes. A Boloco restaurant and Fisique Fitness health club are on-site, and nearby amenities include world-class restaurants, hotels, retail and entertainment options and the soon-to-be delivered Congress Square development. The building is one of the most accessible locations in the city, with several MBTA lines, commuter rail and Amtrak stations within short walking distance.
The building has approximately 15,000 square feet of space available. According to research by TCG, Boston’s Financial District consists of 36.2 million square feet of office space with 8.4 percent vacancy, as of the close of third quarter 2017.
ABOUT JUMBO CAPITAL MANAGEMENT
Jumbo Capital Management, LLC (“Jumbo Capital”) is a privately held, value focused, commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 by Jay Hirsh, who left Boston-based New Boston Fund, Inc. to pursue investment opportunities brought about by the “great recession”. Jumbo has since grown to over 30 people with leadership having a combined 80+ years of commercial real estate experience. Jumbo Capital invests in all property types and focuses on a range of transactions from $5-$300 million. Currently, the firm manages over 3 million square feet of commercial real estate in the Greater Boston area.
ABOUT TRANSWESTERN CONSULTING GROUP
Transwestern Consulting Group works with owners and occupiers of real estate to design and execute customized, labor-centric strategies that consider corporate objectives, economic drivers and industry trends to solve complex business challenges. Using a data-driven approach, our dedicated team of multimarket specialists integrates transactional expertise with the appropriate mix of site selection and demographic analyses; financial modeling; supply chain management; incentives negotiation; portfolio optimization; workplace strategy; and branding solutions for the achievement of each client’s goals.
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Boston office, follow @TranswesternBOS.