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Intercontinental Makes $16-Mil Profit on Property, Falling Short of $20-Mil Profit Goal

BOSTON-Known for years as the home of the city's powerful Boston Coordinating Committee, the nine-story, 107,000-sf office building sold for $26 million, $16 million more than what it traded for three years ago.

By Joe Clements | Updated on October 06, 2000

BOSTON-One of Boston’s more legendary office buildings has changed hands, as the Intercontinental Cos. has sold 100 Franklin St. in the city’s Financial District. State Street Realty Advisors, on behalf of Metropolitan Insurance Co., purchased the nine-story, 107,000-sf structure for $26 million.

While not reaching the reported $30 million that Intercontinental was said to be seeking originally, the figure is well above the $10 million spent to buy the building in 1997.

Intercontinental scooped up 100 Franklin St. as part of its first commingled real estate investment fund. It then launched an extensive overhaul of the property, including the addition of modern mechanical systems, restored lobbies, new windows and interior renovations.

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