The 6-acre junkyard is near the Andrew Square T (MBTA) stop. Other office complexes developed around T stops in the Greater Boston area are thriving, notably in Quincy, Braintree and Medford. "Street car suburbs are very successful and there is a limited amount of property near T stops," Shawn Herlihy, a director at Holliday Fenoglio Fowler LP, tells GlobeSt. Com. The company has been hired by Cresset to arrange financing for the development. "These guys are making a fabulous buy," adds Herlihy.

The site is a little over a mile from Downtown Boston and two stops from South Station. Rents in this area are between $30 to $40 per sf. In Cambridge and Downtown Boston rents have gone as high as $80 per sf. South Boston has not traditionally been home to office space but as rents continue to rise and as most of the sites in South Boston's waterfront area taken, developers are forced to look farther afield for land to develop. Developer James Pappas has recently begun renovating the Court Square Press Building nearby into 212,000 sf of office space.

Bill Curtis, acquisitions chief for Cresset, declined to comment on the deal, saying that it's still too early in the process but Herlihy says that the three-phase development will total $115 million. The space will be marketed as office and back-office space.