Contact:
Carmen Hernandez
Vice President of Marketing
Richards Barry Joyce & Partners
press@rbjrealestate.com
617-439-6000
Richards Barry Joyce & Partners Represents
Praecis Pharmaceuticals Incorporated In $51.25 MM Building Sale
RBJ Also Named Exclusive Leasing Agent Of 830 Winter Street By Building Buyer, Intercontinental Real Estate Corporation.
Boston, MA – December 7, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented Praecis Pharmaceuticals Incorporated (NASDAQ: PRCS) in the company’s recent sale of 830 Winter Street, Waltham, MA, to Intercontinental Real Estate Investment Fund III, LLC, an affiliate of Intercontinental Real Estate Corporation. The approximately 180,000 square foot building was sold for $51.25 million.
Praecis will remain in the building, leasing approximately 65,000 square feet of state-of-the-art laboratory and office space for its corporate headquarters and research facility. Intercontinental Management Corporation will assume the management responsibilities for the property.
Jonathan Varholak, Robert Richards, Richard Herlihy and Richard Bradbury of Richards Barry Joyce & Partners represented Praecis. RBJ was also named the building’s exclusive leasing agent by Intercontinental Real Estate.
One of Greater Boston’s top suburban facilities, 830 Winter Street is a three-story Class A laboratory and research facility that is being repositioned into a multi-tenant biotechnology building. The first class facility was built in 2000 on approximately 17 acres of land and is in very close proximity to Route 128 and the Massachusetts Turnpike.
“Through this transaction we were successful in meeting our current and near term facility needs as well as achieving our goal of minimizing disruption to our ongoing operations. We are also fortunate to have a high caliber organization such as Intercontinental Real Estate Corporation as our new landlord,” said Edward C. English, Vice President and Chief Financial Officer of Praecis. “We were extremely pleased with this transaction and with the assistance provided by RBJ. We relied heavily upon their extensive knowledge of the facility requirements for life sciences companies as well as their investment sales experience.”
According to research by RBJ, the Greater Boston suburban laboratory market consists of 3,203,000 square feet and is 18.5% vacant, as of the quarter ended September 30, 2005 [source: Richards Barry Joyce & Partners’ “biotSTATus: Q3 2005”]. The 128 West submarket has 19,534,000 square feet of office space and is 18.0% vacant [source: Richards Barry Joyce & Partners’ “MarketSTATus – Route 128 West Autumn 2005”].
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Represents Advance Realty Group
In 14,531 SF Lease Expansion And Extension
eClinicalWorks Expands Corporate Headquarters
At 112 Turnpike Road, Westborough, MA
Boston, MA – November 14, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has announced that it represented Advance Realty Group in the commercial real estate owner/developer’s lease expansion and extension with eClinicalWorks at the Westboro Executive Park, 112 Turnpike Road, Westborough, MA.
Under the terms of the lease, eClinicalWorks has expanded its presence at the Westboro Executive Park by 14,531 square feet increasing its total to 24,769 square feet. Strategically situated on Route 9 East, this location will serve as the company’s corporate headquarters. eClinicalWorks is a leading provider of integrated end-to-end electronic medical records and practice management systems for multi-location, multi-specialty medical practices.
Advance Realty Group was represented by John M. Lashar and Paul A. Leone of RBJ, which is the exclusive leasing agent for the Park.
Westboro Executive Park consists of three buildings located at 110, 112 and 114 Turnpike Road in Westborough. The Park is conveniently located within the heart of the MetroWest region just two miles from the junction of I-495 and Route 9. Nearby amenities include retail shopping, hotels and restaurants. On-site amenities include a fitness center, a café operated by The New York Deli, on-site property management and dry cleaning. The Park is currently 93% leased.
About Advance Realty Group
Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With five million square feet of operating properties and a development portfolio consisting of eight million square feet of commercial projects and 9,400 residential units, Advance is one of the leading real estate owners in the Northeast and is headquartered in Bedminster, New Jersey. For more information, contact Advance Realty Group at (908) 719-3000 or visit www.advancerealtygroup.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Greater Boston Office Market Sees Slight Vacancy Increase, As Economic Indicators Remain Stable, According to Richards Barry Joyce & Partners
Firm’s Q3 Report Shows Vacancy At 18.0%, Up 0.1%
Boston, MA – October 11, 2005 – The Greater Boston office market saw vacancy increase by 0.1% to 18.0% in Q3, according to a new report from full-service commercial real estate firm Richards Barry Joyce & Partners, LLC (RBJ). The slight vacancy increase was off-set by other positive economic indicators, including strong job growth during the past five months. The market also experienced 210,000 square feet of negative absorption in Q3, ending the market’s seven-quarter streak of positive absorption. The data was released in RBJ’s “Greater Boston Office Market – Autumn 2005” report. In addition to market statistics on vacancy, absorption and availability rates for submarkets across Greater Boston, the “Market Interesting” section continues its track record of taking a unique look at a real estate trend. In this report, “Market Interesting” looks at how Boston’s value proposition helps it compete against the Sunbelt, which conventional wisdom generally holds as the attractive region. Some of the findings of the report include:
- The increase in vacancy rate was coupled with a consequent drop in Class A asking rates;
- “Shadow” and under-utilized space adversely affected absorption but were countered by other growth metrics,
- Financial District patterns suggest a “flight to quality” from Class B to Class A space;
- Speculative construction is seen in some of the western suburbs.
“The Greater Boston office market has shown remarkable resilience over the past two years,” said Brendan Carroll, director of research, Richards Barry Joyce & Partners. “Q3 was the first quarter in that timeframe to register negative absorption, and that is countered by other positive growth. The quarterly results are cause for measured optimism.” To request a copy of the complete “Greater Boston Office Market – Autumn 2005”, please send an email to research@rbjrealestate.com. In addition to the quarterly Office report, RBJ also publishes quarterly Flex and Industrial reports, covering all submarkets, and quarterly MarketSTATus reports for the following submarkets: 128 North, 128 West, 495 North, 495 West, Cambridge, Back Bay & Financial District.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Named Exclusive Leasing Agent
For Cross Point Towers
Divco West Properties Taps RBJ To Market The Premier Location In Metro North
Boston, MA – October 11, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has been selected by Divco West Properties as the exclusive leasing agent for the Cross Point Towers (900 Chelmsford Street, Lowell, MA).
Divco West – through its Page Mill Properties, LP fund – recently purchased the well known, three-tower property, in partnership with Yale Properties. Divco West will be responsible for asset management and leasing, while property management for the Towers will be handled by Yale Properties.
Marketing of the property will be directed by partners John Wilson and Brian McKenzie and vice president James Lipscomb of Richards Barry Joyce & Partners.
Cross Point Towers is an ideal location for medium to large sized tenants who desire flexibility in growth, heavy building infrastructure, and convenient amenities. The property consists of roughly 1.1 million square feet in three towers.
The Towers are located just off Route 3 and the Lowell Connector, and are only minutes away from I-495. On-site amenities include two full-service cafeterias, Starbuck’s, a full service fitness facility and a daycare center. Within walking distance are a movie theater, 99 Restaurant, Outback Steakhouse and Chili’s Grill & Bar, while Lowell’s many restaurants, theaters and shops are a short drive away.
The Towers currently has 320,000 square feet of availability, with flexibility to meet many spacing requirements.
“Cross Point is the premier location in the metro north market,” said John Wilson, partner, RBJ. “We are very pleased to have been engaged for this property. The Towers’ unparalleled amenities, experienced property management team, responsive, proactive ownership and the ability accommodate tenant’s from 15,000 SF to 400,000 SF make it very attractive to tenants of various sizes.”
About Page Mill Properties:
In late 2003, Page Mill Advisors announced the closing of Page Mill Properties, L.P., a value-add real estate equity fund focused on acquiring commercial real estate assets in Northern California and other markets. Page Mill Advisors, is an investment advisor and fund sponsor. Its affiliate, Divco West is a fully integrated real estate service company. Since their inception, Page Mill and Divco West have acquired, managed, and leased more than 14 million square feet and disposed of more than nine million square feet of commercial properties in the Silicon Valley, San Francisco, Los Angeles, Denver, Phoenix, Austin, and other key US markets. Page Mill and Divco West currently have more than $810 million in assets under management. Both Page Mill and Divco West are headquartered in San Francisco, California with offices in San Jose.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 74,404 SF
Lease At Lake Williams Corporate Center, Marlborough, MA
Firm Represents ATI Research, Inc. and Great Point Investors In Lease Extension, Expansion
Boston, MA – October 6, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a 74,404 square foot lease between ATI Research, Inc. and Great Point Investors at Lake Williams Corporate Center, 62 Forest Street, Marlborough, MA.
The lease represents an expansion of more than 13,000 square feet, with a lease extension for seven years. ATI Research is a division of ATI Technologies Inc. ATI Technologies is a member of the NASDAQ 100. Its common shares trade on NASDAQ (ATYT) and the Toronto Stock Exchange (ATY).
John M. Lashar, Brian M. McKenzie and Paul A. Leone of RBJ represented ATI Research, working with Craig Brooks, director real estate & campus development. Great Point Investors also worked with the RBJ team in this lease transaction.
About ATI Technologies
ATI Technologies Inc. is the world leader in the design and manufacture of innovative 3D graphics and digital media silicon solutions. An industry pioneer since 1985, ATI is the world's foremost graphics processing unit (GPU) provider and is dedicated to delivering leading-edge performance solutions for the full range of PC and Mac desktop and notebook platforms, workstation, set-top and digital television, game console and handheld device markets. With 2004 revenues of approximately US $2 billion, ATI has more than 3,400 employees in the Americas, Europe and Asia. ATI common shares trade on NASDAQ (ATYT) and the Toronto Stock Exchange (ATY).
About Great Point Investors, LLC
Great Point Investors LLC originates and manages private market real estate investments for institutional investors. We utilize the separate account structure because we believe it provided the most effective format for many large investors. Separate accounts also facilitate a cooperative teamwork relationship between sponsor and manager. We act as an investment fiduciary whose interests are aligned with our clients.
We manage our business as a private partnership, where the skills and knowledge of the principals contribute to synergistic results. Principals participate in acquisition, portfolio management and client communications, plus both principals manage key business functions (acquisitions, asset management, and client services). www.gpinvestors.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 116,914 SF, 10-Year Lease For CrossHarbor Capital Partners LLC
Caliper Life Sciences Renews For Corporate Headquarters On Elm Street In Hopkinton, MA
Boston, MA – October 3, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has announced that it represented CrossHarbor Capital Partners LLC, in the investment management company’s 116,914 square foot lease with Caliper Life Sciences, Inc. (NASDAQ: CALP).
Under the lease, Caliper has renewed its current headquarters and laboratory space at 68 and 70 Elm Street, Hopkinton, MA. The company will also expand its presence in the two buildings to a total of 132,000 square feet. Caliper uses its advanced liquid handling and LabChip® technologies to create leading edge tools that accelerate drug discovery, enable diagnosis of disease and facilitate scientific research.
CrossHarbor was represented in the transaction by John M. Lashar, Brian M. McKenzie and Paul A. Leone of RBJ. Caliper was represented by Lincoln Property Company.
“Caliper has been an excellent long-term tenant in the park and we are very pleased to have renewed and expanded their space,” said David Wamester, senior vice president, CrossHarbor Capital Partners. “Their interest in remaining and expanding in Elmwood Park is a positive demonstration of the value of this asset’s location and quality.”
About CrossHarbor Capital Partners LLC
CrossHarbor Capital Partners is an alternative investment management company that specializes in commercial real estate. The firm invests in a wide variety of opportunistic and value-oriented transactions where the conditions exist for exceptional risk-adjusted returns over a short and medium duration. CrossHarbor invests in single property transactions, multiple property portfolios, real estate related operating companies, and all forms of real estate debt and equity securities. The firm invests extensively throughout the United States and selectively considers transactions in Canada and Europe. Since 1993 CrossHarbor has invested $1 billion of capital in more than 85 transactions with a combined market value in excess of $5.5 billion. www.crossharborcapital.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 76,000 SF Of Biotechnology-Related Leases
Recent Leases Illustrate Firm’s Understanding Of Biotech Real Estate
Boston, MA – June 22, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it has brokered three biotechnology-related leases totaling 76,000 square feet, demonstrating the firm’s expertise in the biotechnology real estate market. The leases were for properties in Cambridge, Lexington and Waltham, Massachusetts.
Massachusetts continues to be a dominant force in the worldwide biotechnology market and consequently biotech companies are major consumers of real estate space in the state. According to RBJ’s “bioSTATus Q1 2005” report, lab space in Greater Boston experienced 330,000 square feet of positive absorption in the two quarter period ending March 31, lowering the vacancy rate 2.7% to 14.2%.
Details of the transactions are:
Idenix Pharmaceuticals – RBJ brokered a 37,000 square foot lease for Idenix Pharmaceuticals (NASDAQ: IDIX) at One Kendall Square, Building 1400, in Cambridge, MA. The four and a half year lease for office space represents continued expansion for this biotech company, which will now have roughly 80,000 square feet of space at 60 Hampshire Street and One Kendall Square. Jonathan M. Varholak and Robert B. Richards, partners at RBJ, represented Idenix in the transaction. Lincoln Property Company, the landlord of the building, was represented in-house by John Miller and Matt George.
ActivBiotics, Inc. – RBJ represented ActivBiotics in a 17,800 square foot lease at 110 Hartwell Avenue, Lexington, MA. ActivBiotics signed a three year lease for office and laboratory space. Steven M. Purpura, Robert B. Richards and Jonathan M. Varholak, partners at RBJ, represented ActivBiotics and the building landlord, Glenborough Realty Trust.
BG Medicine, Inc. – RBJ brokered a 21,500 square foot sublease for BG Medicine, Inc. at the Hobbs Brook Office Park, 610 Lincoln Street, Waltham, MA. The three year, two month lease is for office and laboratory space. Jonathan M. Varholak, partner, and Ron Friedman, vice president, of RBJ represented BG Medicine. The sublessor of the space, GPC Biotech, Inc., was represented by Andrew Majewski of CB Richard Ellis. The property’s landlord is FM Global.
“Biotech leases have another layer of detail than traditional office leases,” said Jonathan M. Varholak, partner, Richards Barry Joyce & Partners. “RBJ takes pride in its experience in the biotech market and is pleased to have advised each of these well known companies.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Boston Business Journal Names Richards Barry Joyce & Partners
One of the “Best Places to Work in Massachusetts”
Firm Places in Top 20 for Its Size Category in 3rd Annual Awards Program
Boston, MA – May 23, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it was named by the Boston Business Journal as one of the “Best Places to Work in Massachusetts,” in the publication’s third annual regional awards program.
RBJ was one of more than 240 companies to qualify for consideration, making the top 20 list in its size category based on the results of employee-satisfaction surveys. The “Best Places to Work in Massachusetts” award recognizes companies’ achievements in creating a positive work environment that attracts and retains employees through a combination of employee satisfaction, working conditions and company culture.
“Accommodating employees’ personal needs pays back dividends of loyalty and productivity,” noted BBJ publisher Mike Olivieri. “The companies on our list recognize that their commitment to employees is especially important as the economy strengthens and competition for talent continues to grow.”
Olivieri continued, “The Best Places to work are all winners because they acknowledged that the care of their employees is instrumental in maintaining the quality and reputation for services and products.”
“We are honored to be recognized by the Boston Business Journal in this prestigious award program,” said Robert B. Richards, president of Richards Barry Joyce & Partners. “RBJ has a unique platform that was designed from day one to best serve our clients. Since our founding in 2001, we have taken great care in creating the best team and work environment possible, and making sure that translated into the highest level of client service.”
RBJ’s work with ActiveBiotics, Inc., a privately held bio-pharmaceutical company developing novel antibiotic therapies, is typical of the firm’s client focus.
“We have been working with RBJ since the firm was founded,” said Cathy Carew, vice president of human resources at ActivBiotics. “Their team provides us with great real estate advice and excellent service. What strikes us most is the time they devote to supporting ActivBiotics; RBJ always treats us as if we were the biggest company in Boston.”
About the “Best Places to Work in Massachusetts’ Award
The survey project for the award was launched in January by the Boston Business Journal in conjunction with market research firm QMR Inc. of Wichita, Kan. Thousands of Massachusetts companies were contacted by e-mail and fax announcements, phone calls, as well as advertisements in the paper and on the BBJ’s Web site.
Companies were evaluated on the results of more than 18,000 employee-satisfaction surveys. Employees answered questionnaires that addressed such factors as: their pride in the company, company encouragement, support and recognition of achievement, and relationships with co-workers and supervisors. The results were analyzed and scored by assigning points to each question.
The top 20 companies in three size categories — small (20-100 employees), midsize (101-500 employees) and large (over 500 employees) — will be profiled in a special supplement of the Boston Business Journal issued on June 24.
A countdown celebration breakfast will be held on June 22 to announce the final rankings — including the top company in each category. Additional event information can be found online at http://events.bizjournals.com/1506.
Richards Barry Joyce & Partners Brokers OneBeacon’s Purchase
Of 150 Royall Street, Canton, Mass. For $23 Million
OneBeacon Insurance Company to Consolidate Greater Boston Offices, Dramatically Cut Local Real Estate Costs
Boston, MA – May 6, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered the sale of 150 Royall Street, Canton, MA, to OneBeacon Insurance Company for $23,000,000. OneBeacon will consolidate most of its Greater Boston offices to the new site beginning in 2007, resulting in significant savings in real estate costs.
“This will mark the first time in our company’s history that we will have our Greater Boston employees working in the same facility,” said John R. Ferrari, Vice President of Real Estate, OneBeacon. “We expect to realize a considerable reduction in real estate expenses over current costs, which is a tremendous benefit. Additionally, we will gain the natural efficiencies of having the employees collocated.”
OneBeacon, a wholly owned subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM), expects to move employees from its Foxboro facility at the end of 2007, followed by most of its Downtown Boston employees in 2008. During the intervening time, the facility will undergo major construction to update the infrastructure and customize the interior to optimize use for OneBeacon.
150 Royall Street, the only property in excess of 200,000 SF for sale along Route 128, had previously housed EquiServe. The building is centrally located to OneBeacon’s employee base and has an excellent location, near the I-95 and Route 128 interchange.
Teamwork Leads To Savings, Efficiencies
The process that resulted in the purchase of 150 Royall Street lasted for roughly two years. During that time RBJ counseled OneBeacon, discussing a variety of options, including renewals at their three locations, build-to-suits, or splitting operations.
“This was an excellent example of working together patiently as a team to determine the maximum cost savings,” said Robert Richards, president, RBJ. “The OneBeacon real estate team took the correct approach in taking a holistic look at its portfolio and determining how changes could result in bottom line savings for the company.”
“We were impressed with the substantial resources and financial and analytical capabilities displayed by RBJ on this complicated assignment,” concluded Ferrari.
OneBeacon was represented by Robert B. Richards, Richard M. Bradbury and John M. Lashar of RBJ, working with John Ferrari, OneBeacon’s Vice President of Real Estate. The building seller, Lennar Partners, Inc. was represented by Michael R. Frisoli and Richard Herlihy of RBJ.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
About OneBeacon Insurance Group
Headquartered in Boston, Massachusetts, OneBeacon Insurance Group offers a wide range of specialty, personal and commercial insurance products and services sold primarily through select independent agents. OneBeacon is one of the oldest property and casualty insurers in the United States, tracing its roots to 1831 and the Potomac Fire Insurance Company. The Company’s specialty businesses provide customized coverages to certain niche markets including ocean marine, professional liability and agribusiness, among others. OneBeacon serves personal insurance customers and small-to-midsized businesses through a variety of highly segmented products.
OneBeacon Insurance Group is wholly owned by White Mountains Insurance Group, Ltd. of Hamilton, Bermuda. White Mountains' principal businesses are conducted through its subsidiaries and affiliates in the business of property-casualty insurance and reinsurance. The company is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol "WTM".
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Richards Barry Joyce & Partners Brokers 34,000 SF Lease For Xerox Corporation
Xerox Renews Space At 5 Campanelli Circle, Canton, MA
Boston, MA – April 27, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a 34,000 SF lease renewal for Xerox Corporation (NYSE: XRX). Xerox renewed the lease for its sales and service location at 5 Campanelli Circle in Canton, MA.
Michael Frisoli and Cal Hudak of Richards Barry Joyce & Partners represented Xerox. The property’s landlord is Canton Circle, LLC.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Office Vacancy Rates In Greater Boston Drop To Lowest Point In Two Years, According To Richards Barry Joyce & Partners
Firm’s Newly Released Q1 2005 Report Shows Vacancy Rates At Just Under 19%
Boston, MA – April 07, 2005 – The Greater Boston commercial office market experienced positive growth in the first quarter of 2005, with vacancy rates dropping 0.2% to 18.9%, according to research by Richards Barry Joyce & Partners (RBJ), marking the first time in two years that the rate has dipped below 19%. The figures were released this week in RBJ’s “Greater Boston Office Market – Spring 2005” report.
The new report includes market statistics on vacancy, absorption and availability rates for submarkets across Greater Boston. A section on each submarket – downtown Boston’s central business district (CBD), Cambridge, Route 128 and Route 495 – provides in-depth analysis behind the numbers. The report also provides an analysis of economic conditions affecting the commercial real estate market.
The report has a full page feature on the velocity of merger activity in the Greater Boston area, its effects on commercial real estate, and remaining vulnerability to consolidation activity affecting real estate. The report also introduces the RBJ Activity Indicator, showing the number of buildings in the markets that individually experience increases or decreases in occupancy.
Some of the significant findings in the report include:
- The Greater Boston commercial office market experienced 235,000 SF of positive absorption in the first quarter of 2005;
- The lower vacancy rate helped spark a $0.20 increase in Class A asking rates to $31.92 per square foot;
- 20% more buildings experienced gains in occupancy than losses in the quarter;
- The quarter saw an end to the three quarter streak of positive absorption in the Downtown Boston office market, resulting in a slight increase in vacancy rate for the submarket;
- Vacancy rates in the Cambridge office market remained steady at 17.3%;
- The Route 128 submarkets enjoyed a second quarter of significant positive absorption (fourth in five quarters);
- The I-495 submarkets had a second quarter of less than 100,000 SF of positive absorption, leaving vacancy rates steady at 25.7%.
“Pockets of high and low vacancy continue to exist through the Greater Boston area, reflecting the great diversity of the submarkets throughout the region and demonstrating the critical importance of understanding the market on a submarket level,” said Brendan Carroll, director of research, Richards Barry Joyce & Partners. “The lack of any meaningful speculative construction bodes well for a market recovery.”
To request a copy of the complete “Greater Boston Office Market – Spring 2005”, please send an email to research@rbjrealestate.com. Richards Barry Joyce & Partners has a market leading 43 document-per-year research publishing schedule, including quarterly reports on office, flex and industrial properties; seven quarterly MarketStatus reports that take in-depth looks at submarkets within Greater Boston; and the semi-annual bioSTATus report, which provides a detailed overview of the Massachusetts biotechnology real estate market.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 47,000 SF Of Leases For KBS Realty Advisors
Firm Represents KBS Realty Advisors In Four Leases At Nagog Park, Acton, MA
Boston, MA – February 14, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented KBS Realty Advisors in four recent leases at Nagog Park, Acton, MA. The leases total more than 47,000 SF of space.
Richards Barry Joyce & Partners is the exclusive leasing agent for KBS Realty Advisors’ portfolio of properties in Nagog Park, which includes buildings 30, 31, 33, 35, 40, 42, 43 and 125. Nagog Park is one of the leading high-tech office parks in the region. The park is easily accessed from I-495 and Route 2 and features a wide range of in-park amenities, including two day care centers and several fine restaurants. Nagog Park can accommodate tenants with space requirements ranging from 1,000 to 35,000 SF.
KBS Realty Advisors was represented in the four transactions by Brian McKenzie, John Wilson, Jamey Lipscomb and Troy Coady of Richards Barry Joyce & Partners. Details of the transactions are:
- Azimuth Systems, innovators in scalable, automated wireless network test systems, signed for 13,000 SF in a lease renewal at 31 Nagog Park. T3 Realty Advisors represented Azimuth Systems.
- sentitO Networks, a leading provider of open, standards-based VoIP switching and service solutions for global telecommunications service providers, leased 13,100 SF on the first floor of 43 Nagog Park. The lease represents expansion from the company’s previous space in Westford, MA. sentitO Networks was represented by T3 Realty Advisors.
- Tatara Systems, a developer of service delivery platforms for communications service providers, leased 11,526 SF on the third floor of 35 Nagog Park. This lease represents expansion from Tatara’s previous space in 100 Nagog Park. T3 Realty Advisors represented Tatara Systems.
- Virtual Iron Software, which provides the only enterprise-class virtual computing platform enabling customers to achieve the highest levels of datacenter utilization, flexibility and significantly lower capital costs, leased 10,188 SF at 43 Nagog Park, in a lease extension and expansion. Virtual Iron, which recently changed its name from Katana Technology, was represented by The Staubach Company.
“Nagog Park is an excellent location for high-tech companies, from start-ups to established public companies,” said Charlie Valentino, senior vice president, KBS Realty Advisors. “We are pleased that these four companies have signed leases to make the park their homes. Richards Barry Joyce & Partners has provided excellent service as our exclusive leasing agent for our properties in Nagog Park.”
“Nagog Park’s location, amenities and space options make it one of the premier office parks in Greater Boston,” said Brian McKenzie, partner, Richards Barry Joyce & Partners. “Additionally, these four companies will benefit from the wealth of experience that KBS Realty Advisors has in working with and understanding the particular needs of high tech companies.”
About KBS Realty
Headquartered in Newport Beach, CA, KBS Realty Advisors is a premier investment management firm specializing in domestic real estate investments on behalf of select private and public pension fund, endowment and foundation partners. Founded in 1992, KBS has invested over $5 billion on behalf of its clients. www.kbsrealty.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers Sale Of 116,000 SF Building
For Zygo Corporation To Campanelli Companies
Campanelli Companies Names RBJ Exclusive Leasing Agent For The Building
Boston, MA – March 29, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered the sale of a 116,000 SF building for Zygo Corporation. The building, located at 20 Walkup Drive, Westborough, MA, was purchased by Campanelli Companies, which named RBJ as the building’s exclusive leasing agent.
Brian McKenzie, John Lashar and Paul Leone of Richards Barry Joyce & Partners represented Zygo Corporation in the transaction and will direct the marketing of the property. Campanelli Companies was represented in the transaction by Stephen J. T. Murphy, one of the company’s principals.
Built in 1978 and renovated in 2001, 20 Walkup Drive is 116,000 SF, consisting of 30,000 SF of office space and 86,000 SF of laboratory/R&D/manufacturing space. On-site amenities include a 5,000 SF cafeteria, a separate entrance for employees, and men’s and women’s locker rooms and shower facilities. Hotels, restaurants and convenience shopping are a short distance away. Additionally, the building offers fast access to I-495, the Mass Pike and Route 9.
The building offers almost 20,000 SF of new cleanroom space, ranging from class 100,000 to class 1,000. The lab and cleanroom space features state-of-the-art HVAC, electric and other infrastructure systems.
“20 Walkup Drive is a very unique building, due to its mix of office, laboratory and clean room space,” said Stephen J. T. Murphy, principal, Campanelli Companies. “It is an excellent addition to our strong portfolio of Massachusetts properties. Its amenities, size, space breakdown and location make it a real gem along the I-495 corridor.”
“We are looking forward to working with Campanelli Companies on 20 Walkup Drive,” said Brian McKenzie, partner, Richards Barry Joyce & Partners. “We came to know the building well when counseling Zygo during their space disposition. We expect to realize high levels of interest, particularly as this market begins to pick up.”
According to research by Richards Barry Joyce & Partners, the I-495 West submarket is comprised of 17.8 million SF. During calendar year 2004, the submarket experienced 922,000 square feet of positive absorption, closing the year with 22.7% vacancy (source: RBJ Greater Boston Office Market, Fourth Quarter 2004).
About Campanelli Companies
Established in 1947, Campanelli Companies is a full service commercial real estate development company with extensive experience in the industrial, office, warehouse/distribution and retail markets. To date, Campanelli has developed over 14 million square feet of commercial real estate property. Campanelli has worked with a variety of capital sources including banks, insurance companies, pension funds and real estate investment trusts. Campanelli's extraordinary track record as a developer means that the company can match a project to the lowest available cost of capital, which translates into the most competitive market rates for every development proposal.
Campanelli works closely with its clients during every phase of a development project, including site selection, feasibility analysis, local, state and federal permitting, architectural and engineering design, building construction, as well as facilities and property management. All phases of a project are handled by a cohesive development team that has worked together for over thirty years. Campanelli serves as the general contractor on all of its development projects. As both the developer and general contractor, Campanelli can assure its clients that every aspect of a project is directed, monitored and controlled by Campanelli Companies. For more information, visit www.campanelli.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Named Exclusive Leasing Agent
For 180 Hartwell Road, Bedford, MA
Firm Chosen by In It To Win It, LLC., an affiliate of VinCo Properties, Inc. To Market 400,000 SF Location
Boston, MA – March 1, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, is pleased to announce that it was chosen by In It To Win It, LLC, an affiliate of VinCo Properties, Inc. to be the exclusive leasing agent for 180 Hartwell Road, Bedford, MA. Situated in beautiful wooded surroundings, 180 Hartwell Road has exceptional amenities, fast access to Route 128 and downtown Boston, and the potential for growth beyond its 400,000+ SF of space.
Onsite amenities at 180 Hartwell Road include a 200-person cafeteria, a fitness center with men’s and women’s lockers and showers, a 210-seat auditorium and ample parking (4.1 spaces per 1,000 SF). Exercise opportunities on the grounds are plentiful – jogging trails, softball fields and tennis courts.
The location consists of two parcels totaling 54.1 acres. Parcel 1 is 24.15 acres and features 401,663 SF of office/R&D space in six buildings. Parcel 2, comprising 29.94 acres, provides the opportunity for development into additional corporate space or residential units. Parcel 2 is currently utilized as an 800-car parking field.
Centrally located in the Greater Boston area, 180 Hartwell Road is only four miles from Route 128 and 25 minutes from downtown Boston. Neighbors of the property include Millipore, MIT Lincoln Labs, The MITRE Corporation and RSA Securities, as well as Hanscom Airport and Hanscom Air Force Base.
“We see 180 Hartwell Road as an excellent leasing or sales opportunity in one of the most central locations in the Greater Boston area,” said Vincent O’Neill, president of VinCo Properties, Inc. “We have worked with Richards Barry Joyce & Partners on several projects and are very pleased to have them handling this terrific property.”
“In particular, 180 Hartwell Road is well suited for a corporate headquarters,” said Brian McKenzie, partner, Richards Barry Joyce & Partners. “However, we’ve seen interest from companies of various sizes, many of which are attracted by the expansion possibilities.”
About VinCo Properties, Inc.
VinCo Properties, Inc. is a real estate development company that specializes in creating value through the repositioning of existing assets and un-developed land. Since 2001 VinCo Properties has acquired more than 1,500,000 square feet of developable real estate. VinCo’s unique, hands-on approach allows us to offer our tenants maximum financial value with unmatched service and attention to detail.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 78,000 SF Lease For Conroy Development Corporation
Ninety-Nine Restaurant and Pub Signs For Distribution Space
At Bellingham Business Center
Boston, MA — February 23, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, brokered a 78,000 SF lease on behalf of Conroy Development Corporation at the Bellingham Business Center, Bellingham, MA. The Ninety-Nine Restaurant and Pub, a subsidiary of O’Charley’s, a large mid-western restaurant chain, will utilize the location as a distribution facility for its restaurants throughout New England.
Bellingham Business Center is a high-bay distribution center that is currently under construction by Conroy Development. When completed, it will be a single-story, 210,000 SF building, featuring 30' clear, ESFR sprinkler system and a 120' truck court. Additionally, the Ninty-Nine Restaurant & Pub will have a freezer and cooler component to its space.
Bellingham Business Center is located on a 19-acre site on Route 140, directly of I-495 at exit 17. It is in close proximity to retail, daycare, the Forge Park Commuter Rail Station and hotels. Corporate neighbors include Blue Linx, Suiza Foods, BJ’s, USCO Distribution and North American Van Lines.
Richards Barry Joyce & Partners is the exclusive leasing agent for Bellingham Business Center, which has 132,000 SF available for lease. The development is expected to be completed July 15, 2005.
John Lashar, Brian McKenzie and Paul Leone of Richards Barry Joyce & Partners represented Conroy Development Corporation. The Ninety-Nine Restaurant and Pub was represented by Mitch Bolotin of Colebrook Realty Services.
“We consider ourselves fortunate to have attracted a quality tenant such as the Ninety-Nine Restaurant and Pub to the Bellingham Business Center,” said Joseph Lynch, senior vice president, Conroy Development Corporation. “We look forward to completing construction on this exciting project and signing additional tenants.”
“The fact that Bellingham Business Center already has a significant portion leased before construction is complete is a testament to how attractive the landlord, location and facility are,” said John Lashar, partner, Richards Barry Joyce & Partners. “We have seen significant interest in the remaining space. Conroy Development clearly hit on a need for industrial space in this active market.”
About Conroy Development Corporation
Conroy Development is a full-service commercial real estate development and investment company specializing in office and industrial properties. Conroy’s capabilities cover a full array of services, including: development, construction management, engineering, permitting, investment acquisitions, leasing, property management, asset management and financing. For more information about our firm, please visit our website: www.conroydev.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 47,000 SF Of Leases For KBS Realty Advisors
Firm Represents KBS Realty Advisors In Four Leases At Nagog Park, Acton, MA
Boston, MA – February 14, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented KBS Realty Advisors in four recent leases at Nagog Park, Acton, MA. The leases total more than 47,000 SF of space.
Richards Barry Joyce & Partners is the exclusive leasing agent for KBS Realty Advisors’ portfolio of properties in Nagog Park, which includes buildings 30, 31, 33, 35, 40, 42, 43 and 125. Nagog Park is one of the leading high-tech office parks in the region. The park is easily accessed from I-495 and Route 2 and features a wide range of in-park amenities, including two day care centers and several fine restaurants. Nagog Park can accommodate tenants with space requirements ranging from 1,000 to 35,000 SF.
KBS Realty Advisors was represented in the four transactions by Brian McKenzie, John Wilson, Jamey Lipscomb and Troy Coady of Richards Barry Joyce & Partners. Details of the transactions are:
- Azimuth Systems, innovators in scalable, automated wireless network test systems, signed for 13,000 SF in a lease renewal at 31 Nagog Park. T3 Realty Advisors represented Azimuth Systems.
- sentitO Networks, a leading provider of open, standards-based VoIP switching and service solutions for global telecommunications service providers, leased 13,100 SF on the first floor of 43 Nagog Park. The lease represents expansion from the company’s previous space in Westford, MA. sentitO Networks was represented by T3 Realty Advisors.
- Tatara Systems, a developer of service delivery platforms for communications service providers, leased 11,526 SF on the third floor of 35 Nagog Park. This lease represents expansion from Tatara’s previous space in 100 Nagog Park. T3 Realty Advisors represented Tatara Systems.
- Virtual Iron Software, which provides the only enterprise-class virtual computing platform enabling customers to achieve the highest levels of datacenter utilization, flexibility and significantly lower capital costs, leased 10,188 SF at 43 Nagog Park, in a lease extension and expansion. Virtual Iron, which recently changed its name from Katana Technology, was represented by The Staubach Company.
“Nagog Park is an excellent location for high-tech companies, from start-ups to established public companies,” said Charlie Valentino, senior vice president, KBS Realty Advisors. “We are pleased that these four companies have signed leases to make the park their homes. Richards Barry Joyce & Partners has provided excellent service as our exclusive leasing agent for our properties in Nagog Park.”
“Nagog Park’s location, amenities and space options make it one of the premier office parks in Greater Boston,” said Brian McKenzie, partner, Richards Barry Joyce & Partners. “Additionally, these four companies will benefit from the wealth of experience that KBS Realty Advisors has in working with and understanding the particular needs of high tech companies.”
About KBS Realty
Headquartered in Newport Beach, CA, KBS Realty Advisors is a premier investment management firm specializing in domestic real estate investments on behalf of select private and public pension fund, endowment and foundation partners. Founded in 1992, KBS has invested over $5 billion on behalf of its clients. www.kbsrealty.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers Purchase of 227,000 SF Building For INVESCO Real Estate
INVESCO Purchases Fully Leased Distribution Facility At 135 Constitution Boulevard, Franklin, MA
Boston, MA — February 07, 2005 – Richards Barry Joyce & Partners, LLC, a full-service commercial real estate advisory firm, brokered the purchase of 135 Constitution Boulevard, Franklin, MA for INVESCO Real Estate. The 227,000 SF building is fully leased to Owens & Minor.
Purchased from Davel Realty Associates, 135 Constitution Boulevard is located in Franklin Industrial Park. Originally built in 1987 and expanded in 1998, the building is 30’ clear and has 34 loading docks. The building serves as Owens & Minor’s northeast distribution facility.
John Lashar, Rich Herlihy and Paul Leone of Richards Barry Joyce & Partners brokered the transaction for INVESCO and Richards Barry Joyce & Partners has been named the exclusive leasing agent for the property.
“We feel that this is a solid investment for INVESCO and consistent with our investment strategy in the northeast,” said Brad Takala, acquisitions officer at INVESCO Real Estate. “The fact that the building is fully leased and located in a Class A master-planned park attracted us to the asset. Additionally, we are seeing increasing demand for industrial and distribution facilities in this region, which will also benefit us in the long term.”
“135 Constitution Boulevard is a modern high-bay facility in the heart of the I-495 market,” said John Lashar, partner, Richards Barry Joyce & Partners. “A facility of this kind will always attract quality tenants and garner interest in the market.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com
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Richards Barry Joyce & Partners Brokers Lease For Microsulis
Pioneering Medical Research Company Leases 4,900 SF At 275 Wyman Street, Waltham, MA
January 18, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a new, long-term lease for Microsulis, which will occupy 4,900 SF of office space at 275 Wyman Street, Waltham, MA.
Microsulis was represented by Michael Frisoli, Jon Varholak, Ron Friedman and Cal Hudak of Richards Barry Joyce & Partners. The property’s landlord, FM Global, was represented by Wyman Street Advisors.
About Microsulis
Microsulis is a pioneering healthcare company that is committed to the healing of acute and chronic medical conditions through the precise delivery of therapeutic microwave thermal energy. www.microsulis.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, financial analysis, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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