| Cathartes Investments Redevelops, Sells 55
Thomson Place, Boston, MA |
Boston, MA (November 1998) Cathartes Investments is pleased to
announce that it has completed the redevelopment and sale of 55 Thomson Place,
formerly known as 44 Stillings Street, in South Boston. Cathartes was
represented by Robert Griffin, Rich Herlihy and Chris Griffin of Fallon Hines
O'Connor. The buyer was TMW Real Estate Group, L.P., of Atlanta, Georgia.
According to the Registry of Deeds, the sale price was $15.3 million. Stubbins
Associates was the architect for this project, T.R. White was the general
contractor, and Cushman and Wakefield was the leasing broker for tenant Thomson
Financial Services. Construction financing was provided by KeyBank. "This falls
into our specialty of repositioning existing buildings and creating value
quickly," said Jeff Johnston, Director of Acquisitions at Cathartes
Investments. "We were able to locate the opportunity, put the deal components
together, negotiate a complex closing which involved the sale of historic tax
credits and realize the value of the property in a short period of time."
55 Thomson Place is an 80,000 SF Class A build-to-suit redevelopment
which now houses the executive offices of Thomson Financial Services. When
Cathartes purchased the building in September, 1997, the property was a
warehouse partly occupied by McCarthy Sole & Leather Company. Richard Graf,
Development Director at Cathartes, managed the development. "The building
itself is one of the original Boston Wharf Company buildings," commented Graf.
"We continued in the Thomson Financial Services tradition of combining very
modern, creative fitout in a historic structure." The front entry of the
building faces the courthouse and is visible from the new Northern Avenue.
"We first saw the building in February, 1997," said Graf. "We located
the tenant, negotiated the lease, gutted and rehabbed the building, performed
tenant fit-up and had the rehabilitation completed and the building permitted
and occupied by September, 1998. We are very pleased to have kept a major
project like this on such a rigorous schedule."
Cathartes Investments
is a real estate investment firm specializing in acquiring and developing
undervalued commercial, industrial and residential properties in major North
American markets. Cathartes has recently formed a joint venture with AEW
Partners II, L.P., and is currently wrapping up the placement of the first of
two $25 million equity funds in leveraged real estate investments throughout
New England.
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