Lloyd Amster, manager partner for the joint venture that owns the 190,000-sf, 12-story building, says that its multimillion-dollar renovation program has paid tremendous dividends. The partnership--SoNo Equities LLC and 1122 Associates LLC--acquired the property for approximately $7 million in February 1999. At that time the building was about 50% occupied. Since then, the ownership conducted upgrades on the building's HVAC system, common areas, roof and waterproofing operations and also brought fiber-optic technology into the building. Today, the building is 82% occupied.
He acknowledges that the 50 Washington St. property had experienced its share of troubles and has gone through a host of ownership changes since it first opened its doors in the early 1970s. However, the introduction of high-speed communications infrastructure at the building has been one of the keys to its recent turnaround.
Amster notes that the building was approximately 90% leased earlier this year, but recently took back some space due to the failure of several dot-com tenants.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
