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BOSTON-Locally based AEW Capital Management has received $8 million in equity capital to help fund the acquisition of One Washington Mall. The 17-story, 156,000-sf office building with ground-floor retail space in Boston's Financial District.
The borrower, along with joint-venture partner Saracen Properties of Waltham, acquired the 66 % occupied property last month in a $33.5-million deal with Intercontinental Real Estate Corp. The new owners plan to reposition the property, located adjacent to City Hall and near the corner of State and Congress streets, and lease up the remaining 33% of vacant space, according to Frank Petz, senior director of CBRE/Melody's Boston office. The CBRE/Melody's Boston office arranged the financing.
The joint venture said at the time of acquisition that it plans to spend several million dollars to renovate the building, which is home to the Boston Bar Association, a job training firm and a number of attorneys.
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