James McCaffrey, principal, Peter Joseph, principal, Chris Phaneuf, senior vice president and Jordan Berns, senior associate, of Trammell Crow Co. represented Paradigm and Westbrook as well as procured the buyer.
McCaffrey tells GlobeSt.com that there was "excellent" interest in the property, which hit the market in May, and Lexham ultimately won out among 15 offers. The building is currently 100% leased and among its major tenants are the McGraw Hill Corp., Structuretone Inc., Hitachi Consulting and Cubellis Associates Inc.
"It has good, strong tenants and it's in a terrific location," says McCaffrey. "Westbrook and Paradigm did a great job repositioning the asset." The firms bought the property in 1999, renovated the space and leased it up.
The six-story "brick-and-beam" building is located in the city's Leather District across the street from South Station and near the new greenbelt that has been unveiled with the near completion of the Big Dig. "They managed the building through some tough times and hung in there and created some value," notes McCaffrey, referring to the city's downturn in its office market as well as the building's location right near the Big Dig's construction site. He says that the current market rate for office space in the area is the mid to high $20s per sf.
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