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Archon Sells Two Downtown Buildings for $33M

BOSTON-Archon Group completes the sale of 3 Post Office Square and 24 Federal St. to Massachusetts Mutual Life Insurance Co. for $33.2 million. The two buildings are located Downtown and total 139,364 sf.

By Naomi Grossman | Updated on January 20, 2004

BOSTON-In a move that demonstrates the strength of the city’s investment market, Archon Group completed the sale of two Downtown office buildings to Massachusetts Mutual Life Insurance Co. The two buildings, 3 Post Office Square and 24 Federal St., total 139,364 sf and were sold for $33.2 million.

Bill Rand, director of commercial real estate for Archon Group’s local office, and John McNamara, director of dispositions, led this transaction, with Secured Capital and Spaulding and Slye serving as brokers.

McNamara tells GlobeSt.com that the deal was part of the company’s overall strategy when it acquired the two properties at the end of 1999. McNamara notes that Archon did major renovations on both buildings and got them leased up to 64% occupancy. “These sales reflect our strategy of disposing of select facilities that have met our investment parameters,” says McNamara.

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