"This was an opportunity to solidify our presence downtown," Everest's regional manager Steve McDonnell, tells GlobeSt.com. McDonnell says the firm has been working one and a half years to gain a solid foothold in Boston. The firm's acquisition of 85 Devonshire and 258 and 262 Washington St. along with two prior Financial District purchases makes the company a key stakeholder in downtown Boston's hot office market.
McDonnell says Everest has plans to upgrade common areas in the three buildings and expand the properties' ground floor retail to about 15%.
Robert Macnamara, director of asset management for Everest calls the firm's latest acquisition "a key component is our expansion into Boston proper. These buildings, combined with our holdings at 225 Friend St. and 31 Milk St. will enable us to provide multiple choices and flexibility to tenants seeking good quality, well maintained, class B space. The amenities and location are second to none."
The acquisition, comprised of three office buildings totaling 92,160-sf, have a history dating back to the early 20th century when they were part of the city's Newspaper Row. The assets, a seven-story, 10-story and 11-story buildings, are about 88% leased to tenants that include Gather Inc., the Professional Staffing Group, Suffolk Construction and the Pioneer Institute.
The Financial District assets are one of several acquired by the 11-year-old privately held firm in the last year. The company acquired the Milk and Friend Street properties about six months ago and followed that up earlier this month with a spate of acquisitions that included the $20.5-million acquisition of the 178,292-sf Dedham Executive Center earlier this week. The firm also purchased Paragon Towers at 233 Needham St. in Newton and two buildings at 333 and 337 Turnpike Rd. in Southborough earlier this month.
The latest acquisitions were handled for LNR by Jim McCaffrey, Peter Joseph, Chris Phaneuf and Sarah Lagosh with Eastdil Secured. The team also procured the buyer. Financing for the property was arranged by Mike Marcone of Sentivany & Marcone, of Quincy, through Countrywide Commercial Real Estate Finance of New York City. Ron Perry of Meredith & Grew will handle the leasing duties for the properties.
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