Condyne sells 160 Dascomb Road in Andover, MA

160 Dascomb Road, Flex Building, Andover, MA

BOSTON, MA, Nov. 11, 2019 – JLL announced today that it has arranged a $26.25 million sale and $17.23 million financing for 160 Dascomb Road, a state-of-the-art flex building in the highly affluent community of Andover, Massachusetts.

 Lauren O’Neil Goff

JLL exclusively represented the seller, a Condyne entity, procured the buyer, an affiliate of NorthBridge Partners and facilitated the acquisition financing through Boston Private Bank.

Coleman Benedict

160 Dascomb Road is a 125,609-square-foot advanced research facility that is 100% leased to Lockheed Martin (NYSE: LMT) and Accu-Tech, a wholly-owned subsidiary of Anixter International (NYSE: AXE) on a long-term basis. 

This offering represented an exciting opportunity to acquire a highly functional and flexible asset with durable income and strong market positioning within Boston’s world-renowned “think belt.”

160 Dascomb Road is easily accessed from Interstate 93 via Exit 42, providing a direct connection to downtown Boston and the highly skilled workforce in Southern New Hampshire. 

Matthew Sherry

More importantly, the property is just minutes from the critical intersection of Interstate 495 and Interstate 93 – providing unmatched access from all directions.

JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins, Ben Sayles and Michael Restivo. Lauren O’Neil and Jonathan Schneider exclusively represented the borrower. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Kerry Hawkins

 The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

Ben Sayles

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. 

Michael Restivo

In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 

Jonathan Schneider

Contact:

 Kristen Murphy

JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

jll.com.

LeaseCrunch: The “elephant in the room” is improperly recorded ASC 840 leases at public companies

Ane Ohm

MILWAUKEE, WI.  Nov.11, 2019 – LeaseCrunch, the only lease accounting software made by former  CPA firm auditors for CPA firm auditors, says that improperly recorded ASC 840 leases by public companies is the biggest takeaway no one’s talking about from the new lease standard.

“In working with public organizations who have implemented the new lease standard, no one is talking about this one important reality,” said Ane Ohm, CEO of LeaseCrunch.

 “Many organizations did not properly record leases under ASC 840, the predecessor to the new lease standard, and this complicates their implementation for the new lease standard, which is ASC 842.”

Why care about the old standard if we’re moving to a new lease accounting standard? Two words: practical expedients.

“Practical expedients are designed to simplify the new lease standard implementation,” said Ohm. 

“The FASB offers transition relief that includes the “package of three”: you do not need to reassess existing leases for classification (operating vs. capital-soon-to-be-finance lease), completeness (assuming you’ve properly identified all leases under the current lease standard), and indirect costs (the definition changes from the current standard to the new standard and no one wants to go back and reconsider these costs).”

These practical expedients can save a lot of time, especially for longer-term leases where finding original information would be a challenge. However, these practical expedients must be applied to leases that have been accurately recorded under the current lease standard, ASC 840.

Where organizations went wrong with ASC 840—and why it matters now

“The new lease standard requires that operating leases be recorded on the balance sheet, which wasn’t mandated under ASC 840. At the same time, ASC 840 did require operating leases to be disclosed in footnotes, which are important and yet not on the “face” of the financial statement,” said Ohm.

Unfortunately, many organizations did not properly identify and record all of those leases under ASC 840. The result is that public companies underwent far more effort to identify and analyze leases than anyone originally anticipated.

Here are the main areas impacted by not fully implementing the previous lease standard:

1. Lease identification

Identifying all leases has been a significant challenge, particularly for organizations with multiple locations. If the current lease standard was properly implemented, these leases would already be tracked and this wouldn’t be such a monumental effort. Identifying all leases, which can include more than contracts that are labeled as a “lease,” should be the top priority for non-public companies when preparing for their ASC 842 implementations.

2. Embedded leases

The concept of embedded leases – a service contract that contains a leased asset – has resulted in the review of thousands of contracts to ensure proper accounting under the new lease standard. Again, if the current lease standard was properly implemented, these would already be included in disclosure numbers.

3. Lease terms

The current lease standard provides that a lease term should be “reasonably assured,” the definition of which is quite similar to “reasonably certain” under the new lease standard. This means that organizations should already be disclosing payments on renewal terms and/or stopping payments related to termination clauses for which there are solid economic incentives to exercise.

“With the delay in non-public company compliance, private companies and other organizations can learn from public company mistakes and should allow themselves enough time to conduct lease identification, research, and analysis in order to implement ASC 840 correctly,” said Ohm.

About LeaseCrunch

Named by Accounting Today as one of the top new products of 2019, LeaseCrunch provides cloud-based lease accounting software for CPA firms, designed to help organizations implement the new lease accounting standards, ASC 842 and IFRS 16. 

Designed by CPAs, former Big 4 public accounting auditors, software development veterans and a former member of the FASB staff, the application offers an easy-to-use customer interface that delivers “audit in a box” lease accounting services, reducing the time it takes clients to prepare for an audit. 

LeaseCrunch allows companies to identify policy elections for the leasing standard through templates for both US GAAP and IFRS. 

 For more information, please go to: www.LeaseCrunch.com

  Contact:

John Vita

John Steven Vita Communications

John.vita@jsvcom.com

847/853-8283

First Downtown Chicago Location of Egg Harbor Café Now Open in Luxury Rental Tower Optima Signature

Tara Hovey

CHICAGO, IL — Optima Signature, a 57-story, 490-unit luxury apartment tower just east of Chicago’s Magnificent Mile, announced the grand opening of its retail tenant Egg Harbor Café, a restaurant specializing in breakfast, brunch and lunch with 20 locations in Illinois, Wisconsin and Georgia.

 The Streeterville location is the first downtown Chicago location for the popular restaurant named as one of the nation’s top breakfast concepts.

David Hovey Sr.

 Developed by Glencoe, Ill.-based Optima, Inc., a full-service real estate firm with projects in Illinois and Arizona, Optima Signature is located at 220 E. Illinois St. and features 490 apartments and 60,000 square feet of retail and professional space.

 Egg Harbor Café’s 4,905 square foot location fronts the building’s plaza on upper Illinois Street just steps from Michigan Avenue and the Chicago River. It officially opened Oct. 31, and its operating hours are 6:30 a.m.-2 p.m. seven days per week.

Aimee Farrell

“We’re so pleased to welcome Egg Harbor Café to the growing list of businesses that call Optima Signature home,” said Tara Hovey, president and COO of Optima, Inc.

 “Our goal at Optima Signature has always been to curate a mix of retailers and businesses that not only serve our residents, but also complement the entire Streeterville neighborhood,” she added.

Mike Farrell

Showing high demand for its retail space, Optima Signature has just one 490-square-foot-retail space remaining.

Other retailers include: GoodVets Streeterville, a full-service veterinarian redefining pet care with a 2,000-square-foot facility; Guidepost Montessori at Magnificent Mile, a California-based school with an 11,500-square-foot space; RUNAWAY fitness, a 4,099-square-foot run conditioning fitness studio; and a 1,530-square-foot Bedazzled Nails & Spa.

The plaza-side location of Egg Harbor Café means patrons will have a clear view of the David Hovey Sr.-designed bright yellow 15-foot Kiwi sculpture composed of ½-inch thick steel plates.

“We look forward to serving the great city of Chicago. Set alongside a beautiful open plaza with sweeping views of iconic Chicago landmarks, our first city location will be a refreshing oasis, welcoming Streeterville residents and local office workers as well as visitors to the area,” said Egg Harbor owners Aimee and Mike Farrell.

“Just one block off Michigan Avenue yet tucked away, we hope to provide a fast paced, and friendly environment where our guests can feel like they are at a home away from home,” added Egg Harbor regional manager Lisa Hallen.

Egg Harbor Cafe, 220 East Illinois Street, Chicago, IL

Optima Signature also offers commercial space in the way of fully furnished office suites and an additional 13,000 square feet of professional office space.

Designed by award-winning architect David Hovey Sr., FAIA, and completed in 2017, Optima Signature is a LEED certified luxury rental development featuring 1.5 acres of amenity space.

Egg Harbor Cafe Founders--the Wright and Farrell Families

Optima Signature’s amenities include: a resort-style outdoor heated swimming pool; cabanas and bars; saunas, steam rooms and WELLBEATS™ virtual workout studio; resident lounge with coffee bar; basketball, squash and bocce ball courts; golf simulator and putting green; and outdoor terrace with lounge furnishings, fire pits and spas.

CONTACTS: 

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-4523

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Boston’s Historic Copley Square Hotel sells

Copley Square Hotel, 47 Huntington Avenue, Boston’s high-end Back Bay neighborhood

BOSTON, MA – JLL announced it has closed the sale of Copley Square Hotel, a 143-room independent boutique hotel in Boston’s high-end Back Bay neighborhood.

Denny Meikleham

JLL marketed the property on behalf of institutional clients managed by Barings, one of the world’s largest real estate investment managers. 

Hawkins Way Capital purchased the hotel unencumbered of existing brand or management.

Built in 1891, the Copley Square Hotel is an historic boutique hotel that provides guests with modern amenities, including large room layouts with 250-degree city views, 1,500 square feet of meeting and event space, a 24-hour fitness center, nightly wine-down hour and 11,800 square feet of retail that includes 2,800 square feet of vacant ground-floor retail and a lower-level nightclub. 

Alan Suzuki 

Situated at 47 Huntington Avenue, the hotel is nestled in one of Boston’s most desirable neighborhoods, Back Bay. 

The live-work-play area houses shopping, restaurants and an abundance of popular demand drivers, including the world-renowned Newbury Street, nationally acclaimed colleges and universities, Fenway Park, the Prudential Center and strong corporate demand generated by numerous Fortune 500 companies.

The JLL Capital Markets team was led by Managing Director Denny Meikleham, Senior Director Alan Suzuki and Director Matt Enright.

Matt Enright

“Buyer interest in the Copley Square Hotel was extremely competitive, driven by the strength of the Boston Lodging market and the numerous value-add opportunities buyer’s saw in the property,” Meikleham said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

Lew Wolfe

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

According to a 2019 JLL Hotel Investment Outlook Report, global hotel transaction volumes are predicted to reach $67 billion by the end of the year. 

In the U.S., the outlook for hotel investments is relatively positive, with the market upholding 2018’s level of transactions.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

 Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

About Hawkins Way Capital

Hawkins Way Capital is a vertically integrated real estate company based in Beverly Hills, California, focused on value-added and opportunistic investments and developments across various asset classes and geographies. 

Karan Suri 

The company, led by managing partners Ross Walker and Karan Suri and advising partner Lew Wolff, manages equity funds for select family offices and institutions. 

Hawkins Way’s portfolio currently includes owning and operating hospitality and multifamily units throughout the United States. 

About Barings

Barings is a $335+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. 

Ross Walker

Through active asset management and direct origination, Barings provides innovative solutions and access to differentiated opportunities across public and private capital markets. 

A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.

*As of September 30, 2019.

Contact:

 Kimberly Steele

 JLL Digital Content/PR Specialist

Phone: +1 713 852-3420

Email:  Kimberly.Steele@am.jll.com

jll.com.
hawkinsway.com 

Proper Title, LLC, Enhances Rapidly Growing Commercial Title Insurance Team With Two New Hires

Angie Yoo

                                                                                         

CHICAGO, IL – Proper Title, LLC, the Palatine, Ill.-based title insurance agency serving the residential and commercial real estate industries, announced it has hired Richard Rischall as a commercial account executive, and Angie Yoo as a senior transaction manager.

Richard Rischall 

Both professionals have joined the firm’s commercial team, a group whose closings for the first three quarters of 2019 are 45% higher than the same period in 2018.

Kim O’Donnell

“We’re handling nearly twice as many commercial closings this year compared to last year, and the value of those closings has risen, often up to $100 million versus an average of $5 million per closing a year ago,” said Kim O’Donnell, vice president of business development for Proper Title.

 “To service our surging commercial growth, we’re focused on adding top tier talent, which includes Richard and Angie as they are both known for providing top-notch customer service and responsiveness to their clients.

"Richard has in-depth knowledge of commercial lending and vast experience in managing multi-million-dollar client portfolios. And Angie’s experience on high-profile commercial closings in Chicago’s hottest downtown submarkets aligns perfectly with Proper Title’s commercial growth goals.”

Amanda Ley

Rischall joins Proper Title after 17 years as a commercial banker, most recently with a Wintrust Community Bank. He formerly was a client that exclusively used Proper Title as his title agency.

 At Proper Title, he will focus on growing the firm’s commercial closing business by obtaining and managing partnerships with financial institutions, attorneys, developers and commercial real estate firms throughout Chicagoland.

Rischall has a bachelor’s degree in psychology from Bradley University in Peoria, Ill., and a master’s degree in industrial/organizational psychology from Illinois Institute of Technology in Chicago.

Angela Castillo

 Rischall also serves on the executive board at Volunteer Center of McHenry County and supports various charitable causes related to fighting cancer and animal welfare.

“Proper Title has some of the most experienced commercial closers around that relish a good challenge – they thrive on finding solutions that get the deal done,” said Rischall.

Beth LaSalle

“I’m excited to bring my experience in commercial closings to this high-energy group and helping them secure even more commercial title work throughout the Chicago area.”

Real estate veteran Angie Yoo joins Proper Title after serving nearly 16 years at Chicago Title Insurance Co., where she was an associate commercial underwriter.

Kathy Kwak

Yoo has extensive knowledge of residential and commercial real estate transactions locally and nationally. She has handled the commercial closings of many high-profile hotels, retail stores, grocery chains, office buildings and new developments in the Fulton Market District and West Loop areas.

Her annual closing revenue has been in excess of $1 billion consistently for the past 10 years. Yoo has a bachelor’s degree from Indiana University in Bloomington, Ind.

Gabe Krych

“As our team expands, we’re thrilled to have Angie partner with us as she’s experienced some of the most complex commercial closings in Chicago,” O’Donnell said. “Like the rest of us, she is passionate about providing top-notch customer service.”

In addition to Rischall and Yoo, Proper Title’s commercial team has grown significantly in recent years with the hiring of O’Donnell; Geneen Skilton and Angela Castillo, both commercial title examiners;

Patrick Kennedy

Patrick Kennedy, commercial closing manager; Beth LaSalle, senior commercial escrow officer; Amanda Ley, senior escrow officer; Neil Narut, senior underwriting counsel; Kathy Kwak, director of title; and Gabe Krych, commercial underwriter and consult.

Launched in 2013, Proper Title was recently recognized as one of Chicago’s “2019 Best Places to Work,” an annual ranking of 100 companies compiled by Crain’s Chicago Business and was the recipient of the “Excellence in Action” award from Fidelity National Title Group, Inc. for the fifth year in a row.

Neil Narut

About Proper Title, LLC:

Palatine, Ill.-based Proper Title, LLC, is a full-service title insurance agency serving the residential and commercial real estate industries.

Since its founding in 2013, Proper Title has substantially grown its transaction volume in just a few years with its commitment to servicing the needs of its clients and is currently the second-largest title insurance agency in Illinois.

The firm has earned the “Rising Star / Excellence in Action” award by Fidelity Investments for the past five years in a row. With eight closing locations in Cook, Lake, DuPage and Kane counties, Proper Title is able to deliver an exceptional title experience throughout the Chicago area and the Midwest.

 For more information, please visit propertitle.com.

CONTACTS: 

Paula Widholm, pwidholm@taylorjohnson.com, (773) 726-7993

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527