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Paradigm Properties Buys 115,000-SF Office Building in Financial District

BOSTON-Located in the Hub's Financial District, the private investment firm and the Carlyle Group paid $21 million for the 12-story building.

By Joe Clements | Updated on September 15, 2000

BOSTON-For the eighth time in just over a year, Paradigm Properties has acquired an office building in the Boston/Cambridge market. The latest purchase, made in conjunction with the Carlyle Group of Washingon, DC, is 40 Court St. in Boston’s Financial District. The purchase price was $21 million.

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.

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