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Equity Residential Pays New Atlantic $116M+ for The Girard Via JLL

August 22, 2017 — By Joe Clements
The Girard, 600 Harrison Ave.; Boston MA

BOSTON—Equity Residential has scooped up another freshly minted luxury apartment building, with the Chicago-based residential REIT buying The Girard, a 160-unit South End mid-rise developed at 600 Harrison Ave. JLL is the listing agent for an asset that brought $116.4 million to the homegrown client, New Atlantic Development Corp, its president being Peter Roth.

EQR-Girard LLC in return for the nine-figure payment gets a leasehold interest heretofore held by 600 Harrison Avenue Associates. Initially struck in December 2014 with the Roman Catholic Archdiocese, the pact runs through 2113. JLL’s multi family sales team, which also just orchestrated a major apartment building trade at the Charlestown Navy Yard, is led by Managing Directors Michael Coyne and Travis D’Amato and is part of the Capital Markets team run by Managing Director Frank F. Petz. D’Amato declined to comment on the matter when contacted by Real Reporter.

Despite the lack of input from parties involved, Suffolk Country Registry of Deeds records shows the exchange was completed on Monday. The property that features 162 prized parking spaces in an underground garage also comes with a measure of retail on two levels. The Girard was conceived for New Atlantic Development by Utile Design Architects with Consigli Construction serving as the general contractor. Eastern Bank financing of $46.7 million enabled the project to proceed on a land parcel of barely a half-acre.

According to one online document, rents at The Girard run from $2,950 for a one-bedroom, one bath apartment and $3,600 for two-bedroom, two-bath formats, while $6,950 delivers a three-bedroom, two-bath residence. Besides well-appointed dwelling units, common areas include a modern fitness center, meeting rooms and leisure space on the rooftop and top floor, all with WiFi connectivity. One project estimate had the building acquired and constructed for $62 million.

Beyond the menu of amenities, high-end finishes and sponsorship in the property, what is said to have been an aggressive proposal from Equity is seen by observers spoken to as being fueled by the city’s continued strong multifamily market and a number of revenue sources from the asset, including the parking and retail components. “They wanted it very much,” says one source with some market buzz of a preemptive bid outmaneuvering what was expected to be a competitive listing.

Along with New Atlantic Development, other players involved in The Girard are J.P. Morgant Investment Management Inc. and the New York State Common Retirement Fund, those details outlined in the lease assignment documents at Suffolk County.

Michael Coyne Travis Damato Frank Petz The Girard Rooftop Terrace

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