L3 Capital is a best-in-class boutique prime urban retail real estate investment firm that targets institutional quality core-plus and value-add urban retail investments within first tier metropolitan markets.
Founded in October 2009, L3 Capital is characterized as an entrepreneurial, innovative and high-energy real estate investment firm that is grounded in impressive experience and expertise. With diverse institutional backgrounds in investment and development, the principals of L3 Capital possess complementary skills that include acquisitions, asset management, and capital markets, giving them a unique mixture of agility and fluency. The combination of an operating capability with investment acumen gives L3 Capital its competitive edge, allowing the principals to identify inconsistencies, dislocations, and value opportunities in order to realize superior risk-adjusted investment returns.
The longstanding adage in the real estate business — “location, location, location” — is at the heart of the L3 Capital brand, reflecting the company’s focus on investing in well-located real estate assets in major metropolitan markets — San Francisco, Los Angeles, Chicago, New York, Boston, Miami and DC.
Mar 30, 2020
$1M Permit Pulled to Add Additional Restrooms at 399 Washington
A permit valued at $1,063,000 has been pulled to construct additional bathrooms on the 3rd, 4th and 5th Floors of 399 Washington Street in Downtown Crossing. The historic building is currently undergoing a massive renovation and will feature over 70,000 square feet of office and retail space.
Feb 20, 2020
43K SF Retail/Office Project Proposed for Newbury Street Parking Lot
L3 Capital has proposed a 43,5000 square foot retail and office building on the surface parking lot at 149 Newbury Street. The new building would feature 17,500 square feet of retail space and approximately 26,000 square feet of office space. L3 acquired the parking lot in July 2019 for $40M.
Feb 11, 2020
399 Washington Street Nearing Completion
With work nearly complete on the install of the 2-story glass and metal facade, construction at 399 Washington Street in Downtown Crossing is wrapping up. Along with ground-floor retail space, the building also includes over 30,000 square feet of creative office space.
Oct 15, 2019
Construction Continues on Revamp of 399 Washington
Construction continues on the renovation of the historic building dating back to 1881 at 399 Washington Street in Downtown Crossing. Facade repairs are nearly complete on the upper floors with work now underway to install a 2-story glass and metal facade at the base of the building. Along with ground-floor retail, the project also includes over 30,000 square feet of office space. Construction on the base building is set to be complete in February.
Sep 09, 2019
Permit Pulled for Test Borings at Newbury Street Parking Lot
A permit has been pulled to complete a series of test borings at the parking lot located at 149-151 Newbury Street. The nearly 10,000 square foot lot was sold in July for $40M.
Jul 08, 2019
Newbury Street Parking Lot Sells for $40 Million
The parking lot at the corner of Newbury and Dartmouth Street in Boston has sold for $40 million to Chicago-based L3 Capital.
The property features a 9,973 square foot parking lot occupied by SP+ Parking in one of the most heavily trafficked areas of the city in Boston's Back Bay.
Jan 16, 2019
Newbury Street Parking Lot For Sale
The property at 278 Dartmouth Street is coming to market and could fetch a hefty price tag.
Real Estate brokers, HFF, are representing the owners of the iconic parking lot that is situated on the corner of one of Boston's most heavily trafficked streets. The property features a 9,973 square foot parking lot occupied by SP+ Parking on the corner of Dartmouth and Newbury Street in Boston's Back Bay.
With recent acquisitions on Newbury Street reaching from tens to hundreds of millions of dollars, this iconic location is sure to command a high price. An expected sale should take place by summer 2019.
Aug 15, 2018
Facade Work Underway for DTX 399 Renovation
Facade work is underway to transform 399 Washington Street, DTX 399, from the long-vacant site to prime retail and office space. The 77,000 square foot historic building will be completely renovated, both inside and out while maintaining the original character. The prime location, along Washington Street, in Downtown Crossing, sees over 50,000 pedestrians pass each day.
The project remains on schedule using Touchplan, a construction software that allows developers to plan, implement, and monitor projects in their entirety. The innovative software gives developers the ability to see the full spectrum of their project down to every last detail. Touchplan has let developers keep their projects on or ahead of time leading to lower costs and more efficient construction.
Jun 26, 2017
LaSalle and L3 acquire long-vacant Downtown Crossing building for $63.25 million, repositioning and rebranding commencing this Summer
LaSalle Investment Management and L3 Capital have acquired 399 Washington Street, a long-vacant 77,000-square-foot office and retail building in Downtown Crossing located across from Millennium Tower, for $63.25 million and plan to commence construction on an extensive repositioning of the building this Summer. The building, formerly home to a Barnes & Noble bookstore and vacant since 2006, will be rebranded DTX 399 and will feature six levels of prime retail and creative office space; Colliers International will be the building’s office and retail leasing broker. “We are beyond excited to publicly introduce this incredible opportunity to the market,” noted Colliers Senior Vice President Peter Montesanto. “Given its proximity to the Millennium Tower and the exciting tenants who accompanied that ‘game-changing’ project, we anticipate tremendous interest from flagship retailers and innovative companies drawn to the vibrancy and accessibility of DTX.” The sale of 399 Washington Street amounts to $821.43 per building square foot; Eastern Consolidated brokered the sale on behalf of seller Robert Posner.
The upcoming repositioning will preserve 399 Washington Street’s unique architecture while juxtaposing a sleek, contemporary flare to the first and second floors of the building. Both interior and exterior building systems will be fully overhauled. “L3 Capital is excited about adding this premier asset to our portfolio in such a dynamic corridor,” noted L3’s Tim Phair. “Boston’s DTX 399 has long been on our radar as an incredible repositioning opportunity, and we are eager to begin working with our partners at LaSalle Investment Management to bring our vision for the building to life.” A rendering of the repositioned 399 Congress Street is posted above.
Apr 23, 2017
LaSalle and L3 acquiring former Downtown Crossing bookstore for $65 million, redevelopment in works
Real estate investors LaSalle Investment Management and L3 Capital have a deal in place to acquire 395-403 Washington Street, a 75,000 square foot building located across from Millennium Tower formerly home to a Barnes & Noble bookstore, for around $65 million ($867 per square foot). The deal is expected to close this September. LaSalle and L3 will redevelop the building, which has been largely vacant since Barnes & Noble’s 2006 closure, into two stories of ground-floor retail and three stories of upper-floor creative office space. LaSalle acquired 10 Post Office Square in the Financial District last month for $188 million, or $423 per square foot.
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