"There's really nothing to do there," says Cresset principal William Curtis, concurring that situation is not in keeping with the company's normal investment targets that require hands-on attention. "This is a diversification for us," he says, providing Cresset's financial backers with a measure of current return as they wait for longer-range endeavors to deliver. Since the firm's founding in 2000, Cresset has developed a Boston hotel; converted an urban office building into housing and retail; and is presently upgrading a Boston Harbor parcel into multi-level retail and restaurant space.

According to Curtis, Cresset has attempted to buy into stabilized deals, but as with many investors has often found the pricing overly aggressive and lacking in sufficient yield. While perhaps not producing the returns seen in the firm's riskier programs, Curtis says 475 Bedford St. will provide cash flow for an extended period, with BSC's lease running for at least another eight years. Were BSC to leave at that point, Curtis says the nine-acre property would seem a perfect redevelopment site given a location on Route 225 near Route 128.

Traditionally active in Boston, Cresset has increasingly looked to the suburbs as the market there rebounds and value-added plays begin to make more sense, says Curtis, especially "bite-size" deals where the company can see results relatively soon. One example would be another property purchased by the firm this quarter, that being 201 Burlington Rd. in Bedford. A one-time Polaroid Corp. facility, the 130,000-sf in two buildings was acquired from the Campanelli Cos. for about $56 per sf after Cresset was quietly introduced to the deal by Meredith & Grew VP Matt Daniels.