By Adelina Osan, Associate Editor
Investment management firm JLL secured $31.3 million in acquisition and pre-development financing after closing the sale of the Archer and Donahue buildings. JDMD Owners purchased the two properties located in Boston’s Beacon Hill neighborhood, which formerly served as Suffolk Law School, for $43.5 million.
The two buildings located at the corner of Derne and Temple Streets on Beacon Hill reach over 174,000 square feet and are closely situated nearby Boston’s key public transit nodes, the downtown business district, the state house, and the Boston Common.
“The Archer and Donahue buildings are two well-recognized, landmark assets in one of Boston’s top neighborhoods,” mentioned manager director of JLL, Frank Petz, in prepared remarks. “The market’s fundamentals are primed for residential development, given the very limited supply pipeline in the face of surging demand for urban living in Boston.”
Suffolk University will remain a tenant of both Archer and Donahue buildings. The sale prepares Suffolk University for an upcoming move to its new academic home at 20 Somerset Street.
Frank Petz and Jessica Hughes, JLL’s managing directors, along with Michael Coyne and Travis D’Amato, senior vice presidents, led the team on the sales transaction. Financing efforts were led by managing directors Dustin Stolly and Arron Appel and senior vice presidents Heather Brown and John Schneider.