Originally built in 1877 and renovated in 1985, the building wasrepositioned by Archon Atlantic when the ownership signed a 40-yearlease with Walgreens for nearly 30% of the building. The companyalso signed a two-floor lease with HDR Engineering, aninternational engineering company. Daume notes that the building"received a lot of attention from the marketplace because of thestrong current income from Walgreens and HDR." He adds that thebuilding has another two floors available which he says providesthe buyer with "substantial upside upon stabilization."

Jonathan Samuels of the Samuels Property Group, says that theproperty presented itself "as a partially stabilized, well-locatedbuilding with some upside through the leasing of the two vacantfloors. I anticipate this property will be a long-term hold."

William Rand, COO of Archon Atlantic explains that the company'sfocus is currently on its large suburban portfolio. "It wasapparent to us that the time was right to sell 7 Winthrop Square,"he adds.

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