October 24, 2013
For Immediate Release
Clarion Partners, a leading real estate investment manager, today announced the acquisition of 10 Brookline Place in Brookline, MA for $121.0 million. The six-story, 173,439 square foot office building serves as the southwest gateway to the Longwood Medical and Academic (LMA) area of Boston. Clarion purchased 10 Brookline Place from Invesco Real Estate; the sale was handled by Eastdil Secured.
The property is fully leased to tenants in education and healthcare, sectors identified by Clarion Partners’ research as robust segments of today’s economy. The Dana-Farber Cancer Institute, widely regarded as one of the best cancer treatment centers in the United States, is the building’s anchor tenant; Dana-Farber has occupied space in 10 Brookline Place since 2001.The balance of the space is leased to The New England Institute of Art, a subsidiary of Education Management Corporation.
“Ten Brookline Place is very well located in a strong infill location and the LMA currently has an overall vacancy rate under 2%,” stated Gary Rufrano, a Director of Clarion Partners.
Over the last 15 years, the property has maintained an average occupancy rate of 99.1%, thanks in part to the amenities of the area. A number of restaurants and coffee shops are located just north of the building, while covered parking and easy access to several modes of public transportation are readily available.
Press Contacts: For Clarion Partners: Mike MacMillan/Chris Sullivan, (212) 473-4442, mike@macmillancom.com ; chris@macmillancom.com
About Clarion Partners LLC
Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With $28.6 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.
More information about the firm is available at www.clarionpartners.com.
About Invesco Real Estate:
Established in 1983, Invesco Real Estate manages $53.2 billion of real estate investments, which includes $30.4 billion in direct real estate portfolios and $22.8 billion in real estate securities (as of June 30, 2013). Invesco Real Estate has more than 350 employees in 18 offices through the U.S., Europe and Asia. The group focuses on topdown market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 24 years, contributing to the consistent implementation of Invesco’s investment strategy. Additional information is available at www.invescorealestate.com.
Invesco Real Estate is the real estate business unit of Invesco Ltd., a leading independent global investment management firm dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.
Disclaimer Some information contained herein is derived from selected third party sources believed by Clarion Partners to be reliable, but no representation or warranty is made regarding its accuracy or completeness. Opinions and forecasts expressed reflect the current judgment of Clarion Partners’ Investment Research Group and may change without notice. Nothing herein constitutes an offer or solicitation of any product or service to any person or in any jurisdiction where such offer or solicitation is not authorized or is prohibited by law. Past performance is not necessarily indicative of future results.
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