| Cathartes Purchases 121 Portland,
Boston |
Boston, MA (September, 2000) Cathartes Investments has
acquired 121 Portland Street, (a.k.a. the Forecaster Building), a 70,000 SF
commercial building located in Boston, Massachusetts. The property consists of
70,000 square feet and was originally built as a parking garage. According to
the Registry of Deeds, the sale price was $6.6 million.
The limited
liability company formed by Cathartes and joint venture acquisition partner AEW
Partners IV, L.P. purchased the property from the Forman Family. David Gillies,
Acquisitions Director for Cathartes Investments, handled the negotiations for
his firm. Kevin Brown of Peter, Elliot, & Co. brokered the sale on behalf
of the owner.
121 Portland Street is situated in the North Station
district of Boston. Built in 1930, the property is currently vacant. Plans for
the property include a complete redevelopment and leasing program. "We plan to
turn this property into a telecom facility. Interest from prospective tenants
is already strong," noted Gillies.
Cathartes Investments is a real
estate investment firm specializing in acquiring and developing undervalued
commercial, industrial and residential properties in major North American
markets. AEW Partners IV, L.P. is an investment partnership managed by AEW
Capital Management, L.P. AEW serves as investment advisor to major
institutional investors, including corporate, public and union pension funds,
university endowments and government entities.
|
