Confirmation of the selection was not secured by press deadline,as Stratouly was unavailable and broker Anthony Biette of Grubb& Ellis declined comment, but multiple sources insist thatCongress Group survived a spirited competition for the property.Biette and G&E principal Hank Amabile are handling negotiationson behalf of the Tennessee-based owner of 125 Pennsylvania Ave. Thepaper plant was shuttered last year, and ownership opted to seek abuyer.

After building a diverse mix of urban properties, including the435-unit Museum Towers apartments in Cambridge and Boston�snewest office tower, 33 Arch St.; Stratouly is targeting suburbanopportunities such as a Wayland retail project. Last Dec. 11th, reported Stratouly wasfocused on Pennsylvania Ave., exemplified by his picking up twosmaller buildings adjacent to the International Paper plant. Thedeveloper acknowledged interest in 125 Pennsylvania Ave. andrelayed a vision of a high-end office park that would be visiblefrom the Massachusetts Turnpike below. A March 17th GlobeSt.comstory indicated Stratouly was a finalist to buy 125Pennsylvania Ave., a story for which he did not return calls.

Others familiar with Pennsylvania Ave. agree the concept isviable, with one veteran broker recalling talk of upgrading theswath of older industrial buildings dating back to the 1980s. �Itstill hasn�t materialized, but (Stratouly) could be the one tomake it happen,� says the broker. Visibility and access to theturnpike and Route 9 are among the strong suits, according to thebroker. The area already has several office buildings, includingthe Bose Corp. headquarters on an even higher vista thanPennsylvania Ave. and properties occupied by Genzyme Corp. Bose hasanother building abutting the two parcels Stratouly acquiredearlier this year, and some maintained that firm and Genzyme mighttry to buy 125 Pennsylvania Ave. for their own use. Biette wouldnot say who pursued the property.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.