| Cathartes Investments and AEW Acquire 440,000
S/F Fargo Building in Fort Point Channel |
Boston, MA (October, 1997) Cathartes Investments, along with
investment partners AEW Partners II, L.P., has completed the acquisition of The
Fargo Building, 451 D Street, in the Fort Point Channel area of South Boston.
Thomas Lescalleet and Simon Butler of CB Commercial represented the seller,
Bank of Nova Scotia. Jim Goldenberg, CI principal, and Jeff Johnston,
Acquisitions Director, handled the acquisition for Cathartes. According to the
registry of deeds the sales price was approximately $15 million.
The
Fargo Building is a nine story, 440,000 square foot renovation currently
providing first class office, showroom and industrial space. The property is
leased up at 68% occupancy with the remaining third of the building in shell
condition. Cathartes will complete the building's renovation into first class
office/mixed-use space, investing over $8 million in capital improvements.
Deborah Gould and David Martel of Spaulding & Slye will handle the
marketing strategy and future leasing activity at the Fargo Building.
"We have been highly encouraged by the recent infrastructure
improvements and amount of commercial activity in the Fort Point Channel," said
Johnston. "We've experienced great success with two other projects here and
expect the continued demand for first class space in Boston will favor our
aggressive leasing campaign."
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. with two
other projects here and expect the continued demand for first class space in
Boston will favor our aggressive leasing campaign."
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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