The New York City-based company also has a medical officebuilding under agreement in Stamford, CT, and is exploring deals insouth Florida, says Alexakos, who is a co-founder of EverestPartners LLC. That firm has been active in New England for severalyears, having purchased dozens of local properties, including threein Downtown Boston.

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Aegean Capital shares Everest's New York City headquarters andAlexakos is still involved in the company, but says he will soondepart and focus on Aegean Capital while Kambiz Shahbazi, the otherco-founder, continues Everest Partners. "We're basically going tosplit into two," he says. A handful of Everest's properties inGreater Boston will be put under Aegean's control, Alexakos alsoconfirmed, although he declined to identify the assets until thatprocess is finalized. The firm will open a management office inPeabody to service the local portfolio, he says.

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In the meantime, Aegean is moving ahead to secure deals in thewhite-hot investment market up to $100 million. A property Alexakosacquired in Stamford in December, 470 West Ave., will be managed byAegean, as will 1290 Summer St., the 41,000-sf Stamford medicaloffice building that is under agreement and slated to close earlynext month.

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The company will explore mostly office and mixed retail/officeopportunities, Alexakos says, with no minimum threshold on price.Everest was known as a company able to take underperforming assetsand improve through value-added efforts, and Alexakos says thatwill be a strategy of Aegean Capital, although stabilizedmulti-tenanted buildings will also be considered. "We're looking todo deals," he says.

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The first Boston conquest, 268 Summer St., is a former warehousewedged amid a row of similarly converted structures lining the FortPoint Channel part of Summer Street. The price amounts to about$239 per sf, a relative bargain compared to the supposed $275 persf being paid by Normandy Real Estate Partners for three officebuildings across the street, 273, 281 and 321 Summer St. Asreported by GlobeSt.comearlier this week, Normandy is buying the 270,000-sf portfolio forabout $74 million, and was rumored to have 268 Summer St. in tow.Instead, Aegean Capital captured the asset in a last-minutesurge.

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Alexakos says the aggressive play for 268 Summer St. reflectshis confidence in Greater Boston and Fort Point Channel inparticular. "We think there's a lot of promise for rental growththere," he says. Anchored on the first floor by a Dunkin' Donutsthat recently doubled to 1,800 sf, 268 Summer St. has about 9%vacancy and two leases rolling this year representing another 10%of the building. The building had been owned by an affiliate of theArchon Group LP, the Texas firm selling the three Summer Streetproperties to Normandy, but was not in the portfolio of 17buildings Archon acquired in 2005 from Boston Wharf Co. "It's agood building physically," says Alexakos, so well-regardedattracted Normandy and other high-grade prospects, sources say,including finalist Ashforth Paradigm Capital Advisors.

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Archon bought 268 Summer St. in 1998 for $4.5 million from afirm that had foreclosed on it in 1990. The seizure capped aneffort by developer Dennis Stackhouse to convert the building intooffice space in the mid-1980s, a pioneering venture at the time,and one that failed upon the collapse of the Boston economy. Thedistrict's office market has seen dramatic swings since, includinga brief spurt in the dot-com boom when the eclectic product typewas embraced by the technology sector and commanded rentsapproaching $40 per sf. The average rate has since slipped backinto the high-$20-per-sf range, but Alexakos is among thoseanticipating that will trend upward. Normandy, he notes, was notthe only entity chasing the three other assets at pricesapproaching $275 per sf.

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Aegean Capital has not yet named a leasing agent for 268 SummerSt., but expects to do so soon, Alexakos says. Archon wasrepresented in the building sale by Richards Barry Joyce &Partners and its investment sales team of Rich Bradbury and RichHerlihy.

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