Michael T. Jammen - Principal
As a Principal of UrbanMeritage, and one of the architects of the Newbury Line Program, Mr. Jammen has worked on the acquisition, development, and asset management of the Newbury Line Portfolio since December 2006. During this time The Newbury Line successfully acquired twenty-eight buildings at a cost of $155,000,000, in a series of fourteen transactions. Over a four-year period The Newbury Line became the leading Landlord on one of the world’s premier retail streets. The Newbury Line was sold to Jamestown Properties in October of 2011 for a total price of $226,500,000.
In April of 2013, UrbanMeritage, along with joint venture partners Novaya Real Estate Ventures commenced a new aggregation program again focused on Newbury Street. This $300,000,000 joint venture with a financial partner advised by L&B Realty Advisors, has closed on twelve buildings to date with a total acquisition cost of approximately $160,000,000.
In November of 2014, UrbanMeritage and Novaya, with partner Invesco Real Estate, acquired the retail condominium unit at The Hotel Commonwealth at an acquisition cost of $38,500,000. It is currently be re-branded as Kenmore Row and is being re-merchandised and re-introduced to the Boston market.
A graduate of the MIT Center for Real Estate (MIT/CRE) with a Masters Degree in Real Estate Development, Mr. Jammen is in his twenty-fourth year in the real estate industry. While at MIT, Mr. Jammen co-authored, the award winning thesis, Field$ of Dream$, An Examination of the Effects of Financing Structure on Sports Facility Design and Surrounding Real Estate Values.
Mr. Jammen established the Meritage Real Estate Group in 1999, and previously held several management positions with Cabot, Cabot & Forbes, Koll Management Services and Forest City Enterprises. Meritage Real Estate Advisory LLC (MREA), the first company established of the Meritage Real Estate Group, provided financial analysis, due diligence services, project management services and development advisory services to large real estate clients. The MREA client list included Beacon Capital, CBRE, TA Realty, Taurus Investment Holdings, Colliers, and The Drew Company.
Mr. Jammen was extensively involved in the development of Channel Center in South Boston, a 1,550,000 square foot mixed-use project, the re-development of The Newbry (501 Boylston Street), a 700,000 square foot mixed-use project and The Residences at Manchester Place, a 204 unit multi-family development.
Mr. Jammen remains active with the MIT Center for Real Estate as a frequent guest speaker and is a past Chairman of the MIT/CRE Alumni Association. In addition to his MIT degree, Mr. Jammen holds multiple degrees from Bentley College in Accounting, Economics/ Finance and Management. He is also the Chairman of The Heather Smith Foundation, Inc. a 501(c)3 charity that has awarded over $200,000 of fellowships to women attending the MIT Center for Real Estate and is on the Board of Directors of the Back Bay Association. Mr. Jammen lives in Boston’s Back Bay neighborhood with his wife and their twin children, Michael and Leighton.