Sheffels tells GlobeSt.com that the senior principals of the firm decided to liquidate their real estate positions that the company owns and not reinvest the money. "We will be inheriting the service business," says Sheffels, "and we will continue to manage the assets of the firm and develop properties as a third-party manager." Sheffels adds that Leggatt McCall intends to get back into investments and acquisitions of commercial office properties in the Northeast.

The process of liquidating the company's assets led to a decision in February to sell the company's property management division to Insignia/ESG. "As we began to liquidate, we couldn't be the provider of property management services so we outsourced that," notes Sheffels.

The firm sold $500 million in properties last year. Among those sales were Ten Post Office Square for $108 million; 40 Broad St. for $63.8 million; Waltham Woods for $104 million and Conger Road Corporate Center for $40 million. The firm has over $300 million in development work that it will complete.