| Cathartes, Geometry Acquire Two Properties for
$12.8 Million |
Boston, MA (July, 1996) The Cathartes Group, in partnership
with a real estate affiliate of Geometry Group, Inc., has completed the
acquisition of two New England office properties. The limited liability
companies co-managed by Cathartes and Bewitched Properties, Inc. (a subsidiary
of Geometry), have acquired, in separate transactions, 85 Devonshire St. in
Boston and 1155 Elm St. in Manchester, N.H. The two properties' combined total
is 218,000 s/f of first class office space. According to the registry of deeds
the combined sales price was approximately $12.8 million.
85 Devonshire
St. is comprised of three interconnected buildings which total 90,000 s/f in 10
stories located in Boston's financial district. Ernie Barrueta negotiated on
behalf of the seller, Berkeley Investments. 1155 Elm Street contains 128,000
s/f of office space on eight floors in downtown Manchester. Tenants here
include: Fleet Bank, CODA, Dean Witter and Arthur Andersen. The seller,
Allmerica Financial Services was represented by Peter Joseph of Cushman &
Wakefield.
"We select our real estate investments, and partnerships
carefully; while we are willing to take risks, our properties need to perform
and provide solid investment returns," said Jonathan Maslin, president of
Bewitched Properties and Geometry Group's vice president of real estate.
"The transitional state of 85 Devonshire provided us the opportunity to
perform n effective repositioning strategy consistent with our business model.
Since placing the building under contract, we have signed eight new leases
totaling 35,000 s/f which raised the occupancy to 96%," said Jeff Johnston,
Cathartes acquisition manager.
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