"It's a great little building," says Insignia principal Lisa Campoli, who notes that the Bristol Group has undertaken an extensive renovation program since acquiring the property three years ago. Along with a refurbished lobby and common areas, the 80-year-old building's façade was also recently restored.
Campoli says Insignia will begin marketing the property later this week. Among potential suitors, she predicts, will be foreign buyers, private opportunity vehicles and domestic pension funds. Along with solid upside in rental rates, with a number of leases rolling over, Campoli says the property's location is also a strong positive factor. The building is in the Financial District, but is also just a few blocks away from the burgeoning Seaport District.
"It's a gateway building," says Campoli. "That end of Congress Street is really going to be the key connection between the Financial District and the waterfront." It is also right in the path of a major fiber-optic corridor that could allow leasing of some of 211 Congress St. as telecommunications switch space. Indeed, the property located across the street, 230 Congress St., became one of the earliest switch hotels in the city during the mid-1990s.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.