"It has been a good project for us," says Spagat, who has alsodone mill-to-office conversions in such Bay State communities asClinton, Newton and North Andover. Brickstone Square has attracteda mix of professional services, high-tech and institutionalcompanies since opening in 1988. CMGI, one of the country's leadingventure capital firms, occupies more than 400,000 sf in thecomplex.

"Brickstone Square provides an attractive investment opportunitybecause of its exceptional location, first-class amenities andaccessibility to a skilled labor force," says Sonnenblick-GoldmanPresident Steve Kohn, whose firm has been retained to market theproperty. Kohn notes that the North suburban office region has beenamong the strongest around of late. Meredith & Grew places thecurrent vacancy rate for the 20.3 million-sf market at 4.9%following year-to-date absorption of 808,000 sf.

Along with its proximity to both Route 495 and Interstate 93,Spagat says Brickstone Square meets all the physical requirementsneeded to make a successful mill rehab, including high ceilings,extensive window lines and 60,000-sf floorplates. "People love thespace," he says. A native of Chicago, Spagat came to Massachusettsin 1980 to concentrate on mill conversions, although his firm hasbranched out in recent years to develop new buildings as well.