College of Culinary Arts Leases 73,000 SF at Athenaeum Press Building in Kendall Square

1 Jun, 2005, Boston, MA

Le Cordon Bleu College of Culinary Arts, Boston has leased 73,000 square feet of office space at the Athenaeum Press Building, 215 First Street in Cambridge, MA from Capital Properties. Currently an office building, Le Cordon Bleu College of Culinary Arts, Boston will convert a portion of the first floor into a fine-dining restaurant that will be open to the public. The third and fourth floors will serve as teaching and demonstration kitchens as well as administrative space.

"215 First Street is a unique building, and Le Cordon Bleu is perfectly matched for this space," said David Townsend, Director with Cushman & Wakefield. "From the outset of this transaction, both Capital Properties and Le Cordon Bleu realized the tremendous potential in a bringing a culinary school to this location and both organizations worked together to make it happen. This is a successful transaction for both parties, and we are thrilled to be a part of it."

"We're excited to be coming to the Boston area and feel Cambridge is an ideal location with tremendous potential for community partnership and opportunities for students seeking a career in the hospitality industry," said Kirk Bachmann, Vice President of Education for Le Cordon Bleu Schools North America. "The area has a rich culinary history, and some of the most recognized chefs in the industry today call Boston home. Julia Child lived in Cambridge for over 40 years."

Le Cordon Bleu established its first culinary school in Paris in 1895. Today, Le Cordon Bleu operates schools in London, Tokyo, Ottawa and Sydney, in addition to its Paris location, and offers programs in Australia, Mexico and Brazil. In 1999, Le Cordon Bleu partnered with Chicago-based Career Education Corporation to create a dynamic culinary alliance in North America. Le Cordon Bleu College of Culinary Arts, Boston is owned by Career Education Corporation, the world's largest and fastest-growing providers of private, for-profit postsecondary education that prepares students for successful and rewarding careers in five high-growth fields: visual communication and design technologies; information technology; business studies; culinary arts; and healthcare. Currently, Career Education Corporation operates 14 culinary schools throughout the United States.

"Attracting a world-class operation like Le Cordon Bleu to your building is a big win for any property owner. We view it as an opportunity to begin the transformation of 215 First Street into a vibrant office environment," said Kevin Hoey, Managing Director at Capital Properties. "We know it will be a great amenity for the building and the area."

215 First Street, also known as The Athenaeum Press Building, is a 380,000 square foot historic red brick building, just steps away from the MBTA's Kendall Square stop on the Red Line and Lechmere stop on the Green Line. Originally built in 1890, and listed on the National Historic Register, the building is undergoing a multi-million dollar renovation, which includes an upgrade to the base building infrastructure, as well as a completely redesigned lobby by Elkus Manfredi Architects. 215 First Street features a full-service health club and views of the Charles River and downtown Boston. This distinctive rehabbed office environment is convenient to other area amenities, including CambridgeSide Galleria, Sonesta Hotel, Hotel Marlowe, Marriott Hotel and many of the area's top restaurants.

Townsend, Mark Winters and Juliette Reiter of Cushman & Wakefield represented Capital Properties and Chris Rogers of Grubb & Ellis and Terry Mostrom of Julien J. Studley represented Le Cordon Bleu.

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Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 175 offices in 50 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Hartford, Connecticut; and Manchester, New Hampshire. To find out more about Cushman & Wakefield, please call 617.330.6966.

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