The property, at the corner of Otis and Devonshire streets has a 19th century exterior aesthetic, but has been renovated twice, in 1990 and then again in 2008. The transaction was all in cash and done as a "portfolio balancing" for RREEF, according to Ed Maher, executive director at C&W.
The building is considered a "jewel box," a coined term for "B buildings with an A cache'," Maher tells GlobeSt.com. The buildings are, essentially, class B structures that have been renovated and reside in class A locations. Maher points to only five "jewel boxes" in Boston, One Liberty Sq.; 45 Milk St.; 176 Federal St.; 84 State St.; and One Winthrop.
GLL recently made other forays into the Boston market with the purchase of 200 State St. and 70 Franklin. Tenants include FundQest Inc., Massachusetts Municipal Associates Assoc., SCS Financial Services and Boston Financial Management. Maher, Robert Griffin, Jr., and Marci Griffith Loeber and David Martel from C&W repped RREEF.
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