X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-For the eighth time in just over a year, Paradigm Properties has acquired an office building in the Boston/Cambridge market. The latest purchase, made in conjunction with the Carlyle Group of Washingon, DC, is 40 Court St. in Boston’s Financial District. The purchase price was $21 million.

The former home of US Trust, 40 Court St. became available when the bank was purchased earlier this year by Citizens Bank. A key lure, according to Paradigm Managing Director Stephen Allison, was the ability to turn the longtime corporate headquarters into 115,000 sf of rentable space in the tight Boston office market.

“This property offers excellent office space and we expect it to be very well-received by the marketplace,” agrees Insignia/ESG broker Joanna Dresser, whose firm has been appointed exclusive leasing agent of the 12-story building. Built in 1912 for US Trust, the building was fully renovated in the 1980s, although Paradigm is pledging additional upgrades in the coming months.

Sitting at the top of State Street and fronting on Boston’s City Hall Plaza, 40 Court St. “offers an excellent location with wonderful views,” says Allison. He estimates downtown Boston’s office vacancy rate at under 2%. The company also owns 18 Tremont St., located also on the edge of the Financial District and Government Center.

Founded in 1997, Paradigm Properties has purchased eight office buildings in the past 13 months, including 25 First St. in Cambridge, a 221,000-sf building acquired earlier this year. The firm’s biggest deal to date occurred this summer when the private investment fund and Carlyle teamed up to buy 99 Summer St. in Boston’s Financial District. The 271,000-sf office building, constructed in 1987, was bought for $66 million.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.