The former home of US Trust, 40 Court St. became available when the bank was purchased earlier this year by Citizens Bank. A key lure, according to Paradigm Managing Director Stephen Allison, was the ability to turn the longtime corporate headquarters into 115,000 sf of rentable space in the tight Boston office market.
"This property offers excellent office space and we expect it to be very well-received by the marketplace," agrees Insignia/ESG broker Joanna Dresser, whose firm has been appointed exclusive leasing agent of the 12-story building. Built in 1912 for US Trust, the building was fully renovated in the 1980s, although Paradigm is pledging additional upgrades in the coming months.
Sitting at the top of State Street and fronting on Boston's City Hall Plaza, 40 Court St. "offers an excellent location with wonderful views," says Allison. He estimates downtown Boston's office vacancy rate at under 2%. The company also owns 18 Tremont St., located also on the edge of the Financial District and Government Center.
Founded in 1997, Paradigm Properties has purchased eight office buildings in the past 13 months, including 25 First St. in Cambridge, a 221,000-sf building acquired earlier this year. The firm's biggest deal to date occurred this summer when the private investment fund and Carlyle teamed up to buy 99 Summer St. in Boston's Financial District. The 271,000-sf office building, constructed in 1987, was bought for $66 million.
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