| Cathartes Investments Sells 225 Friend Street,
Boston, MA |
Boston, MA (January 1999) Cathartes Investments has completed
the sale of 225 Friend Street in Boston. Cathartes was represented by Jeff
Johnston. Philip Giunta and Scott Richmond of CB Richard Ellis/Whittier
Partners brokered the transaction on behalf of Cathartes. 225 Friend Street
Corp., which is part of a real estate investment fund, was the buying entity
and was represented by Carl Stegerwald. The sale price for the property was
$8.1 million.
Friend Street is an eight story, 60,000 square foot
office building located in the North Station area of Boston, acquired by
Cathartes in 1997. During the last year we implemented an effective leasing
strategy that created value in the property, said Johnston. The leasing was
done by Kevin Brown of Peter Elliot and property management was done by
Spaulding & Slye. Lead tenants for the property include Digiorgio
Associates, Charles Smith Insurance Agency and Rust Environmental.
Cathartes Investments is a real estate investment firm specializing in
acquiring and developing undervalued commercial, industrial and residential
properties. Cathartes has recently formed a joint venture with AEW Partners II,
and is currently wrapping up the placement of the first two $25 million equity
funds in leveraged investments.
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