| Cathartes Acquires 44 Stillings in Fort Point
Channel |
Boston, MA (October 1997) Cathartes Investments has completed
the acquisition of 44 Stillings Street in the Fort Point Channel area. The
brick and beam structure consists of 81,500 square feet on six floors which
Cathartes will renovate into first class office space in a pre-lease agreement
with Thomson Financial Services.
Cathartes and acquisition partners AEW
Partners II, L.P. purchased the property from McCarthy Sole & Leather Co.
Jeff Johnston, Acquisitions manager for CI, along with Donald Hause of Grubb
& Ellis, represented the buyers in the transaction. David Gilmartin
negotiated for the seller. According to the registry of deeds the sales price
was approximately $4.25 million.
The over $7 million in building
renovations are being conducted by Richard Graf, Director of Development at
Cathartes, with completion scheduled for the 4th quarter of 1998. "This project
has progressed from our initial purchase offer to construction in record time,
an example of how a well integrated team of professionals can work together.
Our relationship with Thomson has been one of the big points of the past year
and we look forward to its continuation," said Graf.
The site will
extend Thomson Financial's campus in the Fort Point Channel area, where they
currently occupy over 320,000 square feet, and give them corporate identity
exposure off the New Northern Avenue. This marks Cathartes' third project in
the Fort Point Channel area. "We're bullish on Fort Point given our past
successes, the 7overall leasing activity , and recent infrastructure
improvements completed here," said Johnston.
Cathartes Investments is a
real estate investment firm specializing in acquiring undervalued commercial,
industrial and residential properties in major North American markets.
Cathartes has invested $150 million of client capital in commercial properties
with an aggregate total market value of more than $200 million. Currently,
Cathartes is placing two $25 million equity funds in leveraged real estate
investments throughout New England in a joint venture with AEW Partners II,
L.P.
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