Wayne Spiegel, executive vice president and principal, and Gian Starita, both of NAI Hunneman Commercial, represented JB Trust in the transaction while Greenline Realty represented Nine Mile.
Nine Mile will be doing an adaptive re-use of the four story facility from office to residential with a retail component.
While the multifamily market in the area remains strong, the office market continues to struggle with vacancy rates at about 14% according to the most recent statistics by Grubb & Ellis. According to Northeast Apartment Advisors, a locally based research firm, the Boston metropolitan area is widely seen as have some of the highest apartment rents, lowest apartment vacancies and oldest apartment properties in the country.
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