The Center Association will use the property as its new permanent headquarters. Spaulding & Slye Colliers principal Tamie R.Thompson and senior vice president Curtis P. Oberg negotiated the lease on behalf of the building's former owner, Archon Atlantic. Spaulding & Slye Colliers senior vice presidents Philip DeSimone and Daniel Cordeau represented the Gift Center.

Immediately after the lease deal, the property was sold by Archon Atlantic to New Boston Fund for $10.5 million. Principal Michael G. Smith of Spaulding & Slye Colliers represented the seller and introduced the buyer in the transaction.

Spaulding & Slye Construction is completing the interior construction for all 50 showroom spaces. The architect for the build-out is Marguiles & Associates. The project consists of the demolition and re-construction of the entire two-story interior. The new space will feature 65 individual display showroom suites, each with a glass wall and sliding door system, carpet, lights and ceilings.

According to Andrew Syiek, executive director of the Gift & Decorative Accessories Center, the facility provides his firm with a new, fully modernized facility that has 30% more exhibit space in over 50 new showrooms. William M. McAvoy, chief investment officer of New Boston Fund, notes that the deal was a "complex" one which required "tremendous patience and teamwork from all of the parties. Once completed, we believe this will be a wonderful new home for the Center and a strong investment for New Boston Fund."

DeSimone says that he has never worked on a deal that required more collaboration from the owner, buyer and tenant. "It was the ultimate team effort," he adds. "The Gift Center's primary criteria of ensuring equal access to all showrooms was met, including the addition of an escalator, and the negotiation of nearly 50 separate leases was completed successfully."

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