"[The property] was marketed for two and a half weeks," Elizabeth Thomas, a senior vice president at CB Richard Ellis/Whittier Partners, who represented CRP Properties Inc., a subsidiary of Washington Mutual, in the deal along with principal Phil Giunta, tells GlobeSt.com. "We closed in less than three months. It's a testament to how attractive an opportunity this was." Thomas and Giunta also procured the buyer in the transaction.

The deal is indeed indicative of a current trend in the city's Downtown, where office availabilities continue to remain at a relatively high 17%, to convert office space into condominium complexes. As an office property, Lincoln Plaza had only 35% occupancy, but the Cresset Group plans to convert 70-80 Lincoln St. and a third of 89 South St. into condominium units. Third Sector New England will own the rest of 89 South St. and plans to occupy some of the building and develop a non profit center with the remaining space.

"We expected the Lincoln Street building to result in a residential conversion, but things could have gone a few different ways on 89 South," notes Thomas, who points out that the building was worth more to Third Sector New England because the risk of filling the vacancies was reduced with the creation of the non-profit center. Thomas says that the sale price, at $120 per sf, was a good one due to the low vacancy and the fact that the property does not yet have a residential permit in place.