FYI
GlobeSt.com Commercial Real Estate News and Property Resource
Last updated: February 7, 2007 10:39am
Leather District Office Sells for $13M
By Beverly Ford
BOSTON-Less than three years after acquiring an 86,000-sf Leather District office building, joint venture owners Praedium Group LLC and Essex River Ventures have sold the property to an affiliate of locally based Morris & Morse Co. Inc. The new owners paid $12.9 million for the property.
Gary Lemire, with CB Richard Ellis/New England, tells GlobeSt.com that the 186 Lincoln St. building attracted strong interest from institutional and private investors eager to cash in on its prime location near South Station. Lemire repped the sellers with colleague Chris Cuddy.
“There was a lot of interest from buyers who recognized the opportunity to achieve higher rents in the class B office market,” Lemire says of the property, which is about 95% leased.
New York City-based Praedium and Essex River Ventures, of Andover, acquired the property in June 2004 for $19.6 million, or $154 per sf, as part of a two-property deal that also included 225 Friend St. in Boston. The nine-story Lincoln Street asset, which was valued at $10.9 million in 2004, was built in 1904 and fully renovated in 1986.
CBRE also procured the buyer in the transaction.
Copyright © 2007 ALM Properties, Inc. All rights reserved.
Last updated: February 7, 2007 10:39am
Leather District Office Sells for $13M
By Beverly Ford
BOSTON-Less than three years after acquiring an 86,000-sf Leather District office building, joint venture owners Praedium Group LLC and Essex River Ventures have sold the property to an affiliate of locally based Morris & Morse Co. Inc. The new owners paid $12.9 million for the property.
Gary Lemire, with CB Richard Ellis/New England, tells GlobeSt.com that the 186 Lincoln St. building attracted strong interest from institutional and private investors eager to cash in on its prime location near South Station. Lemire repped the sellers with colleague Chris Cuddy.
“There was a lot of interest from buyers who recognized the opportunity to achieve higher rents in the class B office market,” Lemire says of the property, which is about 95% leased.
New York City-based Praedium and Essex River Ventures, of Andover, acquired the property in June 2004 for $19.6 million, or $154 per sf, as part of a two-property deal that also included 225 Friend St. in Boston. The nine-story Lincoln Street asset, which was valued at $10.9 million in 2004, was built in 1904 and fully renovated in 1986.
CBRE also procured the buyer in the transaction.
Copyright © 2007 ALM Properties, Inc. All rights reserved.
posted by The Chair at
9:39 AM
