With MassDevelopment Bonds, CIEE Inc. to Buy, Renovate Office Space in Boston's Fort Point
October 22, 2018
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Jill Sady, CIEE Inc., 207-553-4052
MassDevelopment has issued a $31.5 million tax-exempt bond and a $6 million taxable bond on behalf of CIEE Inc., a nonprofit provider of international education and experiential learning programs headquartered in Portland, Maine. CIEE Inc. will use bond proceeds to buy 99 Athens Street and 69-71 A Street, two adjacent buildings in Boston’s Fort Point neighborhood. Using bond proceeds, the company will demolish the building at 99 Athens Street and expand, renovate, and furnish the building at 69-71 A Street, ultimately creating a single five-story, 31,400-square-foot office building. CIEE Inc. will also use bond proceeds to build a parking lot on the same parcel. The project will enable CIEE Inc., which currently leases office space in downtown Boston, to consolidate and expand its Boston-based team at its new Fort Point location. The project is expected to create 82 jobs and support 132 construction jobs. Key Government Finance Inc. purchased the bond.
“MassDevelopment is pleased to support CIEE Inc. as it builds a new home in Boston’s Fort Point neighborhood,” said MassDevelopment President and CEO Lauren Liss. “Once complete, this facility will offer the company space to grow and enhance its visibility as a leading provider of international exchange programs.”
A nonprofit, nongovernmental organization, CIEE Inc. is the country’s oldest and largest nonprofit study abroad and intercultural exchange organization. Since 1947, CIEE has helped thousands of people gain the knowledge and skills necessary to live and work in a globally interdependent and culturally diverse world by offering the most comprehensive, relevant, and valuable exchange programs. In addition to its U.S. office locations, CIEE operates in more than 40 countries around the world.
“CIEE appreciates this support that will enable us to establish a larger Boston-based staff, all working to fulfill CIEE’s mission to transform lives and build bridges between individuals and nations by promoting the exchange of ideas and experiences,” said CIEE President and CEO James Pellow.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.