Originally built in 1877 and renovated in 1985, the building was repositioned by Archon Atlantic when the ownership signed a 40-year lease with Walgreens for nearly 30% of the building. The company also signed a two-floor lease with HDR Engineering, an international engineering company. Daume notes that the building "received a lot of attention from the marketplace because of the strong current income from Walgreens and HDR." He adds that the building has another two floors available which he says provides the buyer with "substantial upside upon stabilization."
Jonathan Samuels of the Samuels Property Group, says that the property presented itself "as a partially stabilized, well-located building with some upside through the leasing of the two vacant floors. I anticipate this property will be a long-term hold."
William Rand, COO of Archon Atlantic explains that the company's focus is currently on its large suburban portfolio. "It was apparent to us that the time was right to sell 7 Winthrop Square," he adds.
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