The complex will be converted into a residential community with 199 units. The property is situated in the East Cambridge area across Cambridge Street from the Lechmere MBTA station and across First Street from the 811,000-sf CambridgeSide Galleria shopping mall and the Charles River. The development will include residential condominiums with ancillary parking and retail uses.

The Financial Services Group of Robert E. Griffin, Jr., Marci Griffith Loeber and Edward C. Maher, Jr. represented Beacon Capital in the transaction and procured the buyer.

"Leggat McCall's acquisition of One First Street couldn't be better timed. The residential market in the immediate Boston area is white hot. The historic nature of the project, the vibrant in-fill East Cambridge/Kendall Square area and high residential demand guarantee the project's success," says Loeber, executive director at Cushman & Wakefield. "This is a clear example of the barriers to entry that so many developers face; there are so few remaining land sites within Eastern Massachusetts that developers are seeking out creative re-uses of historic structures."