Located in the historic heart of Boston’s Central Business District (CBD), this boutique commercial office property was initially rehabilitated in 1980 by a law firm that occupied the entire building. Cresset subsequently reconfigured the property to suit multi-tenancy in order to re-let in the marketplace.
The property was acquired to provide small businesses seeking an historic CBD location with an opportunity to participate in ownership through syndication. The building is fully leased to commercial offices on floors two through five, while the retail level and portions of the basement are leased to a restaurant operator.
Cresset, which currently manages the property, syndicated ownership to four full-floor tenant occupants, arranged financing, substantially renovated the interior to include new HVAC, electric, CAT 5, phone distribution, elevator upgrades and all new custom improvements for tenants while upgrading the exterior with a new roof, roof deck, and custom storefronts at grade level.
|Property:||5 stories; 16,000 sf|
|Acquisition Date:||November 2001|