85 Devonshire Street
Boston, MA 02109
Office Building Leasing and Sale
90,000 sq. ft. office building
This building, one of the finer Beaux Arts style buildings in the financial district, was 28% vacant with no commissions being paid to the leasing broker when an independent broker brought it to our attention. When we closed on it in July 1996, one month after our due-diligence period ended, we had leased 90% of available space. The building was built in 1908 and had only been renovated once since then, in 1988. We worked closely with government officials to reduce capital improvement costs to meet with necessary codes more quickly. Now, retail establishments take up the first and part of the second floor with small businesses filling up the remaining space. After our refurbishing and leasing success, we sold the building in August, 1998.
