Several current and past principals of Payette own the building,including namesake Thomas Payette, but sources say the asset isunder agreement to Aegean Capital LLC, a New York City-basedinvestment group founded last year by Constantine Alexakos. Thefirm is presently performing due diligence, sources say, but isexpected to complete that process shortly. According to someestimates, the 54,000-sf building could trade for close to or above$300 per sf, with the deal projected between $14 million and $16.5million.


If the deal does reach that level, it would be near recordpricing for the submarket, with only a few other sales topping the$300-per-sf threshold. Fort Point Channel and the larger SeaportDistrict have been a popular target for investors, many lured bythe rebounding class B office market and the upside from billionsof dollars in public infrastructure that has poured into the area.The city's gleaming new $800-million convention center is just afew blocks east from 285 Summer St., while the South Stationtransit center and Financial District are located nearby to thewest.


"Its one of the best buildings on Summer Street," relays oneobserver familiar with 285 Summer St. Attributes include abundantnatural light, 14-foot ceilings and substantial investment into theproperty's interiors. There is also a level of parking and aflexible footprint that can accommodate a single user or multipletenants. One supposed question mark is the future of PayetteAssociates at the home where it has been since the early 1990s. Thecompany has just under four years left on its lease, offering ameasure of term but flexibility for possible future uses. Some ofthe prospective buyers supposedly were eyeing 285 Summer St. as aresidential play, but renewal of Payette is another option otherswere said to favor.


At this point, none of the parties involved are discussing thematter. Calls to Thomas Payette were unreturned, while Alexakosdeclined comment, citing confidentiality agreements. The buildingis being marketed by Richards Barry Joyce & Partners. PrincipalRichard Bradbury, who is handling the assignment with colleagueRichard Herlihy, also would not talk about the status. Nonetheless,sources insist Aegean Capital has the asset tied up and is workingto a close. If successful, it will be the second Summer St.building Aegean has acquired in the past year, with the firm alsoemerging victorious last summer after a spirited battle for 268Summer St. across the street.

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