Leather District Office Sells for $13M

BOSTON-Less than three years after acquiring an 86,000-sf Leather District office building, joint venture owners Praedium Group LLC and Essex River Ventures have sold the property to an affiliate of locally based Morris & Morse Co. Inc. The new owners paid $12.9 million for the property.

Gary Lemire, with CB Richard Ellis/New England, tells GlobeSt.com that the 186 Lincoln St. building attracted strong interest from institutional and private investors eager to cash in on its prime location near South Station. Lemire repped the sellers with colleague Chris Cuddy.

“There was a lot of interest from buyers who recognized the opportunity to achieve higher rents in the class B office market,” Lemire says of the property, which is about 95% leased.