Emily Ou of Cushman & Wakefield of Massachusetts represented property owner Paradigm Properties, while Kevin Brown of Lincoln Properties and Steve Davis of Davis & Dimarco represented USPS.
The 11-story building, located in the financial district near Downtown Crossing, was constructed in 1923 and renovated in 1982. The property totals 105,000 sf of office and retail space and is nearly fully leased. Among its office tenants are CGU, Technical Development Corp., Hollister Associates Inc., Hollis, Perrin, & Black Insurance Agency, Inc. and Government De Quebec.
The financial district continues to experience vacancy rates of about 14%, according to Grubb & Ellis's most recent statistics. Lease rates for this deal were not available, but the average asking rent for space in the building is about $23.50 per sf.
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