Anchored by a Tower Records on the lower three floors, the80-year-old structure was designed by renowned architect Frank O.Geary and renovated in 1987. Along with five floors of office spacethat have several below-market leases ready to roll over, the128,000-sf property also was bolstered recently by VirginEntertainments renewing the Tower Records lease for 20 years. Ithad been set to expire next year.


Capital Properties founder Richard Cohen cited a "great trackrecord" with GE Capital in deciding to place the loan through thecompany. GE Capital spokesman Michael Gardner acknowledged thatthere was plenty of competition for the note. Among the reasonsgiven was the security of the Tower lease, Capital Properties'reputation, and the building's location in one of the city'shottest retail markets.


Capital has been an active player in Greater Boston for years,as exemplified this summer when the firm paid $68 million for 215First St. in Cambridge, a 300,000-sf office building near KendallSquare.

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