ASB Real Estate Investments, and Lincoln Property Company announced today that LogMeIn has signed a lease to relocate its corporate headquarters to 320 Summer Street in Boston’s Innovation District. LogMeIn will occupy 101,821 square feet at 320 Summer Street for an extended lease term. 320 Summer Street is owned by ASB Real Estate Investments which purchased the building in 2007 as an office redevelopment opportunity.
“The company is excited about moving into Boston’s Innovation District in 2013,” said Michael Simon, CEO of LogMeIn. “We see the new global headquarters on Summer Street as an ideal location to help continue to grow the business into one of the world’s preeminent tech brands.” LogMeIn, which is a publically traded company on the Nasdaq under the symbol LOGM, provides essential cloud services to individuals, businesses, and IT organizations for remote access, collaboration, customer care, and remote IT management.
“By choosing 320 Summer Street for its international headquarters, LogMeIn, a global leader in its field, has validated our vision of creating a world class office building designed to meet the critical demands of today’s innovative tenants. We believe they will be the largest high tech company to have their headquarters in the Innovation District,” said James Darcey, Managing Director of ASB Capital Management. “We are looking forward to completing the renovation and being a meaningful part of the actualization of the Innovation District. 320 Summer is our second development in the Boston area, where we now own over $700 million in commercial real estate properties.”
During the lease negotiations, ASB Real Estate Investments was represented by John D. Miller and Jeffrey C. Moore of Lincoln Property Company. LogMeIn was represented by Roy Hirshland, CEO of T3 Advisors.
“I think it is great that LogMeIn will join a class of emerging technology tenants that will call the Innovation District home in the coming years,” said John D. Miller of Lincoln Property Company. “The interest in the property was significant from a number of potential tenants, but LogMeIn was certainly the best candidate and we are thrilled to have them as a long term tenant.”
320 Summer Street was originally built in 1904 as a brick-and-beam warehouse for the Boston Wharf Company and subsequently served as office space. The Property’s located in the heart of Boston’s Innovation District, redeveloped to serve as headquarters for LogMeIn will significantly enhance the Fort Point Channel neighbor’s dynamic 24/7 atmosphere. Lincoln Property Company’s Boston based development team will manage the redevelopment process at 320 Summer Street, including the build-out of LogMeIn’s interior office space and Suffolk Construction will perform the construction.
About ASB Real Estate Investments
ASB Real Estate Investments, a division of ASB Capital Management, is one of the leading real estate investment management firms in the United States, with over $3.0 billion in assets under management in the Core and Value-Add sectors. ASB’s portfolios are comprised of 203 properties totaling over 17 million square feet in 26 markets throughout the United States. ASB Real Estate Investments offers a solid investment track record, an experienced management team, a skilled group of local market partners, and a high-quality portfolio of diversified properties. www.asbrealestate.com
LogMeIn (Nasdaq:LOGM) provides essential cloud-based services to individuals, businesses, and IT organizations for remote access, collaboration, customer care, and remote IT management. These services are used by more than 15 million people to quickly, simply and securely connect over 150 million internet-enabled devices across the globe — computers, smartphones, iPad™ and Android™ tablets, and digital displays. LogMeIn is based in Woburn, Massachusetts, USA, with offices in Australia, Hungary, India, Japan, the Netherlands, and the UK. www.logmein.com
About Boston's Innovation District
Boston’s Innovation District, 1,000 acres on the South Boston Waterfront, is a growing home to startup, research-based, and other innovation companies. In 2010, Mayor Thomas M. Menino launched the Innovation District strategy to enhance already strong opportunities for innovation companies in Boston and the region. Under his leadership, the City of Boston has worked to attract a cluster of innovative companies, to build live/work housing for their employees, and to support a social infrastructure that builds connections between people, businesses, sectors, and cities. For more information, visit www.innovationdistrict.org or follow on Twitter: @idboston (www.twitter.com/idboston)
About Lincoln Property Company:
The Boston office of Lincoln Property Company, a national commercial real estate company, provides brokerage, property management, appraisal/valuation and development and project management services to a wide range of clients. In Massachusetts alone, Lincoln Property manages over 12 million square feet of commercial space and is responsible for leasing millions of square feet of space every year. For more information on Lincoln Property Company’s Boston office, visit: www.LPCBoston.com.
About T3 Advisors:
T3 Advisors offers clients a wide array of real estate services ranging from strategic planning and consulting to local, national and international site selection and deal negotiation. Our platform of services provides clients with “one stop shopping” from project concept to project implementation in the following services: Brokerage/Transaction Services; Owner’s Rep/Project Management; Government Advocacy; Sustainability and Portfolio Management. www.t3advisors.com