| Cathartes Investments Acquires 99,000 SF From
DTZ for $3.45 million |
Boston, MA (August 1997) Cathartes Investments has acquired
the property at 449-463 Washington Street. The 11-story building, located
across from Macy's in Boston's Downtown limited liability company managed by
Cathartes. DTZ Debenham Thorpe, a British Trust, was the seller.
Kristin Olson of Cathartes negotiated the sale. Mike Edwards of
Meredith & Grew negotiated for the seller who was represented by Chris Wood
of DTZ's Darien, Conn. office. According to the registry of deeds the sales
price was $3.45 million.
Cathartes Investments will renovate the entire
99,000 s/f building, with the lower floors to remain retail and floors through
through 11 (formerly vacant commercial space) to be converted into 45
residential condominium units. The completed redevelopment will be called The
Dexter Building.
"With the tremendous amount of development activity in
this down area and the need for new residential product in the city, we are
excited about the opportunity to supply high end condos at this frontier
location, at a price point well below the market," said Olson.
The
Architectural. Team is the architect for the redevelopment, with additional
interior design services being provided by Doug Truesdale and John O'Connor.
Construction is expected to begin in early 1998 and completion is slated for
late fall. Brokerage for the units will be handled by Trace Campion of R.M.
Bradley and Laurence Shevik of Kimball-Borgo Real Estate with pre-marketing
commencing later this year.
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