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Lincoln Plaza Fetches Nearly $28M

BOSTON-The Cresset Group and Third Sector New England Group acquire Lincoln Plaza, a 231,215-sf, two-building office complex located in the city's leather district, for $27.5 million.

By Naomi Grossman | Updated on March 19, 2004

BOSTON-Lincoln Plaza, a 231,215-sf office complex located in the city’s leather district, was acquired by the Cresset Group and Third Sector New England Group for $27.5 million. Washington Mutual Bank acquired the two-building complex in December when Boeing Co.’s pension fund gave it back to the bank. The bank put the property on the market a few weeks later.

“[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.

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