Gary Lemire, with CB Richard Ellis/New England, tellsGlobeSt.com that the 186 Lincoln St. building attracted stronginterest from institutional and private investors eager to cash inon its prime location near South Station. Lemire repped the sellerswith colleague Chris Cuddy.
"There was a lot of interest from buyers who recognized theopportunity to achieve higher rents in the class B office market,"Lemire says of the property, which is about 95% leased.
New York City-based Praedium and Essex River Ventures, ofAndover, acquired the property in June 2004 for $19.6 million, or$154 per sf, as part of a two-property deal that also included 225Friend St. in Boston. The nine-story Lincoln Street asset, whichwas valued at $10.9 million in 2004, was built in 1904 and fullyrenovated in 1986.
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