As Beal/Street-Works gears up for the first round of residential and retail construction of the new Quincy Center, to start in fall 2013, planners are also developing the office component of the new downtown.
As part of that effort, Beal/Street-Works has hired Jones Lang LaSalle as the exclusive leasing agent for office space properties.
A financial and professional services firm specializing in real estate, Jones Lang LaSalle is known for matching businesses with open space, something that will prove critical as developers look to fill the 1.1 million square feet of office and medical office space in the new downtown.
“Basically [we’re] making sure the message gets out there for the vision of what the redevelopment is going to be, and putting it in a package of information that people can understand,” said Jones Lang LaSalle Executive Vice President Tom Kent. “Sometimes people don’t get the big picture, and it's such a big scope, we want to make sure people understand it.”
Jones Lang LaSalle will first reach out to businesses through a marketing program, answering questions and drumming up interest in occupying n the new space.
Although it’s only one component of the new downtown, Stephen Faber, senior vice-president of Beal Companies LLP, cited it as one of the most important.
“The Quincy Center redevelopment … represents a tremendous opportunity to give Quincy new life, and it is in our office program where we find the real exciting prospects for transformation,” Faber said in a release. “Rather than just putting up buildings, we plan to create an environment where medical institutions can utilize the latest in technology and consumer trends to redefine how they interact with patients. We look forward to working with Jones Lang LaSalle to realize this vision.”
Street-Works Managing Partner Ken Narva said that with the help of Jones Lang LaSalle, the redevelopment would bring first class office space to downtown Quincy.
“The possibility for connectivity between our two signature office towers will provide a potential floor plate of up to 60,000 square feet,” Narva said. “We are excited to get this program under way with the expertise of Jones Lang LaSalle on board.”
Already, developers are envisioning state-of-the-art "green" office spaces that will become a destination for health care, life sciences, higher education institutions, and more.
In total, the neighborhood of offices will be comprised of 700,000 square feet of retail, two hotels, 1,400 residential units, and several new parking garages with 5,000 parking spaces.
All will be anchored around Adams Green – a public park space in front of Town Hall – and a new visitor’s center to showcase Quincy’s historic heritage.
According to Kent, a big part of Jones Lang LaSalle's stepping on board was Beal's and Street-Works’ expertise in revitalizing downtowns in this region and throughout the country.
“We’ve worked with Beal in the past and had success with them, so we were in discussions and one thing led to another,” Kent said.
“To be part of the team that will revitalize Quincy Center is an incredible opportunity for all of us here at JLL. Street-Works Development, LLC and The Beal Companies bring a wealth of shared experience and we are very lucky to be working with such a passionate group,” Kent added in an email.
The hope is to have some tenants lined up by the time new buildings open, though Kent expects to still be marketing space as buildings become available.
Simultaneously, Street-Works staff members are working with current business owners in the downtown to relocate them to other spaces within Quincy Center.
“We’ve upped our communication a little. On our website there is a direction to existing operators who want to stay they can reach out to our agent Grossman about registering and staying on and operating in the downtown. We also have a flyer in the Chamber of Commerce and he has stuff in town and on the ground so people can get questions answered,” said Jeff Levien, a development partner for Street-Works.
Street-Works’ primary focus remains on landlords, however, and securing the properties needed to make the downtown happen. The focus will shift to the renting businesses sometime this fall, Levien said.
As for Merchant’s Row, a block of buildings centered behind the Granite Trust Building that is expected to break ground next year, Street-Works is still lining up merchants for expected store openings in the fall of 2014.