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Lake Tekapo
28 February 20224 minute read

DLA Piper represents Shimizu Realty Development (U.S.A.), Inc. in its US$148 million acquisition of 535-545 Boylston Street in Boston’s Back Bay neighborhood

DLA Piper represented Shimizu Realty Development (U.S.A.), Inc. (SRD)—Shimizu Corporation’s US real estate subsidiary—in its US$148 million acquisition of 535-545 Boylston Street, a 13-story office building in the Back Bay neighborhood of Boston, MA. The seller was a joint venture between Investcorp International Realty and Brickman Associates.

SRD partnered with Capital Security Advisors and Brickman Associates on the purchase and, through the joint venture, obtained acquisition financing of $100.2 million from BrightSpire Capital. SRD and their partners intend to convert up to three floors of 535-545 Boylston to life science laboratory research space. Both properties—connected by an accessway—are LEED Gold certified, with a total floor area of approximately 189,000 square feet.

“Congratulations to the Shimizu team on this landmark acquisition in one of Boston’s fastest-growing neighborhoods, attracting life science startups among other businesses,” said Michael Haworth, the DLA Piper partner who led the firm’s team. “It was a pleasure collaborating with the Shimizu, CSA and Brickman teams and bringing together our extensive real estate transactional experience in one of the country’s growing metropolises.”

In addition to Haworth (New York), the DLA Piper team representing Shimizu included partners Mark Friedman (Baltimore), Christina Houston (Wilmington) and Thanos Matthai (Boston); of counsel Lucien White (New York); and associates Elias Ayoub and Samantha Hechler (both of New York).

With approximately 200 real estate lawyers in the US and 500 globally, DLA Piper's market-leading Real Estate practice offers a full range of real estate services, including acquisitions and sales, single asset, programmatic and operating company joint ventures, real estate fund formation, public and private REITs, financing, zoning and development, construction and design, leasing and restructuring and workouts. The firm executes hundreds of transactions every year, ranging from billon-dollar-plus transactions to the acquisition, financing, joint venture formation, leasing and sale of individual properties.