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JV Acquires 375,000-SF Lovejoy Wharf

BOSTON-Chardon Realty Trust sells Lovejoy Wharf to a partnership comprised of Ajax Investment Partners LLC, Boston Wharf Investments LLC of New York and AIG Global Real Estate Investment Corp. The acquisition includes two largely vacant office buildings totaling more than 375,000 sf and a 40,000-sf wharf.

By Naomi Grossman | Updated on September 28, 2004

BOSTON-Chardon Realty Trust sold Lovejoy Wharf to a partnership comprised of Ajax Investment Partners LLC, Boston Wharf Investments LLC of New York and AIG Global Real Estate Investment Corp. The sale price was not disclosed, but according to local published reports the property went for approximately $30 million.

The acquisition includes two office buildings totaling more than 375,000 sf and a 40,000-sf wharf. Largely vacant, the office buildings–located at 160 North Washington St. on the North Washington Street Bridge, and 131 Beverly St., on the Charles River at the foot of the new Zakim Bridge–will be redeveloped into waterfront residential and ground-floor retail and restaurant space. The existing wharf will be redesigned as public, open space and will be connected to the Boston Harborwalk, a pedestrian walkway which stretches from the North End, around the Downtown area to South Boston.

Leigh Freudenheim, a Meredith & Grew vice president who negotiated the transaction, tells GlobeSt.com that the new owners plan a condominium conversion as well as developing a “substantial” retail component. The project, he notes, will need to undergo a fairly rigorous permitting process because of its location near the Boston Harbor and its current use as an office building.

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