Cresset, Great Point Complete $30M Sale

BOSTON-Apparently, the Irish investors who shelled out close to $500 per sf for one Downtown office building earlier this summer did not spend their money all in one place, with the same buyers having now purchased 30 Winter St. a few blocks away. The $30.2-million sale of that 12-story, 87,000-sf building was also quite healthy, coming in at just under $350 per sf.

“We’re certainly happy with it,” says Edward Nardi, president of Cresset Group LLC, a locally based real estate firm that had teamed with Great Point Investors to buy 30 Winter St. in November 2001 for $12.05 million. That equates to just $138 per sf, providing a substantial boost over what the partnership paid nearly six years ago. The hot investment climate was one reason the owners chose to test the markets, says Nardi, explaining that Cresset and GPI were prepared to hold onto the asset for up to 10 years had conditions not been optimal.

Cresset and GPI did make capital investments at 30 Winter St. during their tenure, upgrading the entrance and elevators, restoring the roof and providing tenant improvement dollars to keep space in the 34-year-old building fresh. Nardi credited Cushman & Wakefield broker Jay Driscoll for bolstering the leasing roster as listing agent, and adds that the investment sales group at Meredith & Grew that marketed 30 Winter St. also was instrumental in achieving a return above expectations. That team was led by M&G EVP Lisa Campoli. “It couldn’t have gone any smoother,” says Nardi of the process, praising the buyers for conducting an efficient due diligence program and closing the deal without complications despite the recent capital markets turmoil.