The Internal Revenue Service recently changed the rules concerning 1031 exchanges, allowing much greater flexibility and creating a whole new investment genre, the Tenants-in-Common Exchange. In a TIC, interest ownership in a property allows investors to defer capital gains taxes.

"We are the first firm in the region to utilize a TIC exchange and provide investors with a ground floor opportunity to invest in world-class properties that they may not have on their own," said Steve Allison, a principal of APCA. "It's the beginning of a new real estate investment era, and Ashforth Paradigm is leading the way."

The building is located at 212 Elm St. in Davis Square, and was designed by one of its occupants, Arrowstreet, and built in 1989. It consists of a steel frame construction with red brick and limestone veneer, and was purchased by Elm Street Paradigm LLC in September of 2000 for $13 million. APCA devised a strategy to enhance investor returns on 212 Elm St. by converting the first floor from office space to a retail space and maintaining a revenue stream through diversification of tenants and lease expiration dates, according to company officials.