Downtown Office Building Goes for $17M

BOSTON-Lexham Properties enters the local market with its purchase of 711 Atlantic Ave., an 83,307-sf building. The Connecticut-based firm acquired the property from a joint venture of Paradigm Properties and Westbrook Partners for $17.4 million or $208 per sf.

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.