The buyer is 10 Washington LLC, the best known partner of which is Thomas Kemper, most recently the head of affordable housing developer LNR Property Corp., but also the Kemper in Scanlan Kemper Bard Cos. Kemper's partner in the deal is Peter Perrin.
The duo, working with a silent equity partner, is spending $3 million to gut and renovate the structure. The class C building will be ready for occupancy in February 2002. Office lease rates will be around $16/sf on a net basis.
The ground-floor retail tenants, including Future Shop and Echo Audio, will remain open during renovations. Rates for the retail space are around $21/sf on a net basis.
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