The new owner plans to re-lease the space as leases end at current market rates. Office buildings in the area lease around $45 per sf, according to Marcia Yawitz, senior director at Eastern Consolidated, who represented the seller with David Johnson and Alan Miller. The building currently leases below market value. "There is a future possibility that they will utilize the air rights and create a hotel," Yawitz says. While this is a possibility, there are no immediate plans in the works.

Eastern Consolidated was chosen to market the property, and procure the buyer thanks to Johnson's prior contacts in the sports management field. Yawitz says that while Johnson was in college he ran a small sports management practice on the side. When reaching out to Okanaga's lawyer to market the property he was told no until it was determined that one of Johnson's past clients was a good friend of the lawyer. Okanaga opted to utilize Eastern Consolidated. The property was openly marketed since Beck Street Capital was the first company that came to mind. The real estate firm had been looking to purchase property in the area this summer, according to Yawitz. It had bid on another Eastern Consolidated building and lost the deal.

The five-story commercial building at 527 Greenwich St. sold for over $500 per sf; which is typical for this hot commercial sector. Yawitz cites several other area properties garnering interest that are asking well over $500 per sf. "We got an extraordinary price; the seller was very happy with the whole scenario," she says.