JLL’s Hotels & Hospitality Group arranges $123 million sale of the historic 315-room Courtyard Boston Downtown in prime Boston Theater District.

Courtyard Boston Downtown, a 315-room hotel
 located at 275 Tremont Street in Boston, MA

BOSTON, Jan. 24, 2025 – JLL's Hotels & Hospitality Group announced today the $123 million sale of the Courtyard Boston Downtown, a 315-room hotel located at 275 Tremont Street in Boston, Massachusetts.

JLL represented the seller, Ashford Hospitality Trust.

Originally built in 1925 as the headquarters for Boston's Lodge No. 10 of the Benevolent and Protective Order of the Elks, the historic 13-story property features Post No. 10 Restaurant & Bar, a fitness center, a business center, 12,684 square feet of various meeting space including a grand ballroom and approximately 46,000 square feet of leased retail space.

Emily Zhang

The hotel's prime location in Downtown Boston’s Theater District puts guests within walking distance of numerous entertainment venues, restaurants and theaters including the Boch Center's Wang and Shubert Theatres, 

The Wilbur Theatre and Citizens Opera House. It is also surrounded by top educational and medical institutions such as Emerson College, Suffolk University and Tufts University School of Medicine.

The JLL Hotels & Hospitality team was led by Managing Director Alan Suzuki, Senior Director Matthew Enright and Associate Emily Zhang.

Alan Suzuki

"Boston's diverse lodging demand generators and high barriers to entry continue to make it one of the most attractive hotel investment markets in the U.S.," said Suzuki. "The Courtyard Boston Downtown garnered significant investor interest due to its irreplaceable location and value-add potential."

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. 

Matthew Enright

Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

For more news, videos and research resources, please visit JLL’s newsroom. 

 

 

Contact: 

Grace Lewis, 

JLL PR

Phone: +1 903 520 3478  

Email: grace.lewis@jll.com

KBS Leases 62,599 Square Feet at Class A Office Park in Salt Lake City, UT

Millrock Park, a four-building, 494,289 square-foot Class A office park
in Holladay, a prime  submarket in Salt Lake City, UT

 Salt Lake City, Utah (January 28, 2025) – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, signed 62,599 square feet of new, renewal and expansion leases in 2024, at Millrock Park, a four-building, 494,289 square-foot Class A office park in Holladay, one of the most desirable submarkets of Salt Lake City, Utah. Colliers Utah, the largest and top-performing commercial real estate firm in the state assisted KBS in the lease transactions.

 The ongoing leasing momentum at the property represents the appeal of best-in-class office space in key markets throughout the country, according to Gio Cordoves, regional president, Western U.S. for KBS.

 

Gio Cordoves

“Salt Lake City is known for its business-friendly policies, low taxes, access to a skilled workforce and a growing economy,” says Cordoves. “Millrock Park is uniquely situated to take advantage of the outdoor activities that the area is famous for such as, mountain biking and hiking, and it offers some amazing views from each of the buildings.”

 According to Colliers Q3 Office Report, Salt Lake City’s office market landscape is undergoing a significant transformation in the face of changing tenant preferences and economic conditions. Thanks to a flight to quality, tenants are migrating to high‐end Class A spaces with enhanced amenities. 

As such, Class A vacancy rates decreased while average asking lease rates increased for these desirable properties. Many of these companies are attracted to office properties like Millrock Park, notes Tim Helgeson, senior vice president at KBS and asset manager of the property.

Tim Helgeson

 “Millrock Park provides everything discerning businesses in this market are seeking in their office space, including an excellent location along the ‘East Bench’ of the Wasatch Mountain Range and top-tier amenities,” says Helgeson. “Companies have demonstrated strong interest in leasing at the property, and existing tenants are eager to either renew or expand their leases here.”

 

Constructed in 2005, Millrock Park offers easy accessibility to I-215, I-15, and Salt Lake City International Airport and is only minutes from a variety of ski resorts, including Snowbird, Alta, Brighton, Park City Mountain Resort and more.

 

Amenities at the property include a fitness center, tenant lounge, event center, structured parking, and outdoor gathering spaces. Millrock Park is situated near numerous hospitality and restaurant options.

 

Angela Kroneberger 

In addition, Millrock Park has some features that distinguish it from others in the market. The property’s concrete foundation is below ground, leaving 37% of the entire campus as green space. Additionally, the land that the asset is constructed on is unique as an office property site due to the dramatic elevation changes within the 22-acre campus, which creates dramatic view lines of the Salt Lake Valley.

KBS leased 62,599 square feet of space at Millrock Park in 2024. Among the lease agreements are a regional energy development firm which signed a 14,077 square-foot expansion, local law firm Bennett Tueller Johnson & Deere signed a 2,356 square-foot new lease and Chargezoom Inc., a B2B payment automation company, is one of the latest tenants added to the property’s roster. 

Josh Smith

Chargezoom leased 11,321 square feet of space as it continues to grow. Additionally, Willmeng Construction, an Arizona-based commercial general contractor serving the Southwestern U.S., is leasing 5,851 square feet for its local Utah office.

 

Brandon Fugal, Josh Smith, and Angela Kroneberger at Colliers represented KBS in the lease transactions.

Brandon Fugal

“Interest in Millrock Park has accelerated as companies seek ways to recruit top talent and entice their teams back to the workplace,” says Fugal. “The property’s ideal location and high-end amenities, combined with the superior service for which KBS and Colliers are known for has generated an increased number of touring requests over the last few years.”

 Millrock Park is located at 6550 S. Millrock Drive in Holladay, Utah. For photos, please visit: https://kbs.com/property/millrock-park/.

 

Contacts:

Ginny Walker

KBS Senior Public Relations Director

949-417-6535

gwalker@kbs.com

 

Sophia Reznicek or Vivian Liu

The Smart Agency

949-438-6262

KBS@thesmartagency.com

 

Suntec Concrete Hires Industry Veteran Kevin Neill as CFO

Kevin Neill

PHOENIX, AZ  – Suntec Concrete, one of the nation's largest concrete subcontractors, has hired Kevin Neill as Chief Financial Officer.

With over 30 years of experience in construction and engineering finance, Neill is charged with directing the firm’s fiscal strategy and reinforcing its stability as Suntec continues a trajectory of growth and expansion in markets across the West.

Neill joins Suntec following 12 years as CFO/Treasurer of utility infrastructure services company Centuri Group, Inc., where he played a pivotal role in the firm’s growth from $600 million to $3 billion in revenue.

Derek Wright.

“Kevin has a proven history of leading dynamic companies like ours with strategic and insightful guidance,” said Suntec Concrete President and CEO Derek Wright. “We are pleased to welcome him to Suntec and confident in his ability to support our mission and vision to serve our employees and provide clients with trademark Suntec quality and innovation.”

A 40-year industry leader, Suntec specializes in structural, tilt panel, flatwork, foundation, concrete placement and finishing in an expanding geographic territory including Arizona, Colorado, Utah, Nevada and Idaho. In 2024, the company further expanded with Suntec Engineering & Design, a standalone, full-service structural engineering firm created to meet the changing needs of valued Suntec clients.

“It is an honor to join Suntec at this exciting time in their history,” said Neill. “I am more than thrilled to be here and eager to contribute to its success and ambitious growth plans.”

Neill holds a bachelor’s degree in Accounting from the University of Iowa. He is a Certified Public Accountant in Arizona and Iowa, and a member of the American Institute of Certified Public Accountants.

 CONTACT

 

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 

Matt Stewart appointed co-head of JLL’s Orange County, CA Capital Markets team

 

Matt Stewart

IRVINE, CA –  JLL Capital Markets announced Matt Stewart has been appointed Senior Managing Director and co-head of its Orange County office, which he will co-lead with Senior Managing Director Greg Brown.

 

The duo oversees the market’s Investment Sales, Debt and Equity Advisory platforms and is responsible for overall strategic vision for the office, including team building and growth of the capital markets business.

 

"We are thrilled to announce Matt’s appointment as a leader of our Orange County office," said Brown. "Matt's journey from intern to leader exemplifies our commitment to nurturing and promoting talent from within. His extensive experience in commercial real estate, coupled with his distinguished military background, brings a unique perspective to our leadership team.

 

"We are confident that under our joint leadership, our Orange County team will reach new heights in delivering strategic solutions and value to our clients."

Greg Brown

Stewart has more than 12 years of experience in commercial real estate, having launched his career in the industry as a summer intern for HFF (predecessor firm of JLL) in 2013. He most recently served as a Managing Director responsible for originating and executing debt and equity advisory assignments for clients across the U.S.

 

Stewart holds a Master of Business Administration from the University of Southern California (USC) and a Bachelor of Science degree from the United States Air Force Academy. He is also a former adjunct professor in the Sol Price School of Public Policy at the University of Southern California.

 

For more news, videos and research resources, please visit JLL’s newsroom.

Contact

 Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

 

JLL’s Pittsburgh Capital Markets appoints Senior Managing Director Nick Unkovic to co-lead team with Mark Popovich

Nick Unkovic

PITTSBURGH,–  JLL Capital Markets announced Nick Unkovic has been appointed Senior Managing Director and co-head of the Pittsburgh office alongside Senior Managing Director Mark Popovich.

 The duo oversees the region’s Investment Sales and Advisory, and Debt and Equity Advisory platforms and is responsible for overall strategic vision for the office, including team building and growth of the capital markets business.

 

"Nick’s appointment as co-head of our Pittsburgh Capital Markets team marks a significant milestone in our office's growth and succession planning," said Popovich. "His impressive track record and deep understanding of our business, cultivated over his 11-year tenure with us, make him an ideal leader to help steer our team into the future.

Mark Popovich

 

"His promotion not only recognizes his exceptional contributions but also reinforces our commitment to nurturing talent from within. I look forward to partnering with Nick to further strengthen our position in the Pittsburgh market and beyond, leveraging our combined expertise to deliver even greater value to our clients."

 

Unkovic began his career as a summer intern at HFF (predecessor firm of JLL) and began working full-time for the firm shortly thereafter. Through his 11 years with the JLL team, he has demonstrated exceptional results, completing more than $3 billion in commercial real estate transactions throughout Pittsburgh and the northeastern United States.

 

For more news, videos and research resources, please visit JLL’s newsroom.

 

Contact

 Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

 

SPERRY Expands in Orange County, California with Landmarq CRE

Jamie Trang

GARDEN GROVE, CA, Jan. 24, 2025 –SPERRY, a leading commercial real estate firm specializing in the investment sales brokerage, leasing brokerage, business brokerage, property management and investment of commercial real estate,  announced that veteran commercial real estate professionals Blake Trinh, Jamie Trang and Ken Payne are joining the firm as an affiliate under the name Sperry-Landmarq CRE.  The new affiliate will be based in Garden Grove, California.

 Led by Trinh who serves as president, Sperry-Landmarq CRE specializes in the sale of land and hotels as well as leasing of commercial real estate properties in California and the West with a primary focus on Orange County, California. 

Blake Trinh

 "Sperry is known for its strong network, innovative marketing strategies, and commitment to client success, making it an attractive choice for us,” said Blake Trinh, president of Sperry-Landmarq CRE. “The firm's collaborative culture and focus on technology with its 3D printing made them a good fit for our company.”

 

Blake Trinh, Jamie Trang and Ken Payne are prominent figures in the Southern California commercial real estate industry, each with a specialized niche in delivering results to their clients.

Mark Hinkins,

“Blake, Jamie and Ken are premier commercial real estate brokers in the region,” said Mark Hinkins, CCIM, FRICS, global president at SPERRY. “We are aggressively and strategically looking to expand throughout the United States and internationally. 

"This year we launched our master country franchise program and are in advanced discussions in Australia, India, and multiple countries in the middle east and Pacific Rim regions while making them available for additional select countries around the world.  SPERRY has the platform, collaboration, technology, and culture to attract key brokerage offices and teams to the firm.” 

 CONTACT:

 David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

JLL Capital Markets brokers 191 million loan for Fenton, a premier mixed-use urban village project in Cary, NC

  

Kelsey Bawcombe

ATLANTA, GA –  JLL Capital Markets has secured a $191 million senior mortgage for Fenton, a premier mixed-use development located in Cary, North Carolina.

 

JLL represented the borrowers, a partnership consisting of Hines, Affinius Capital and Columbia Development, in securing the loan from New York Life Real Estate Investors.

 

JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Directors Chip Sykes and Vice President Kelsey Bawcombe.

Chip Sykes

"This financing underscores Fenton's standing as a transformative development within Cary and the broader Triangle area," said Sykes. "The commitment reflects confidence in the project's best in class mixed-use place making and the development teams unmatched execution abilities."

 

 Fenton is strategically located near the intersection of Cary Towne Blvd. and I-40, which offers exceptional connectivity to the wider Raleigh-Durham-Chapel Hill area. This vibrant mixed-use development benefits from proximity to prominent employment hubs such as the Research Triangle Park and is just 15 minutes west of Downtown Raleigh.

Downtown Fenton, Cary, NC

The Raleigh-Durham Triangle area, formally known as the Research Triangle Region, is a vibrant and rapidly growing metropolitan hub home to over two million residents.

 

Fenton is an experiential mixed-use urban village, featuring over 246,000 square feet of retail space housing 42 diverse tenants, 183,000 square feet of modern office space and 357 multifamily units delivered in 2022-2023. The commercial component is complemented by The Allison at Fenton, a premier residential community situated atop the dynamic urban streetscape of Fenton.

 

Contact:

 

 Gréta Kieras

 Senior Associate

 Public Relations

Phone: +1 949 930 8498  

Email: greta.kieras@jll.com