In acknowledging the decision to sell, TMW Asset Manager KarenWaldon says the firm simply decided the timing was optimal,especially after a successful leasing program that saw a venturecapital firm pay an estimated $53 per sf to rent 23,000 sf in thebuilding. "Based upon the rental rates we've achieved, we feelwe've accomplished our mission as it pertains to our investors,"says Waldon. The building is now 100% leased.

The property at the corner of Exeter and Newbury Street hashosted a variety of operations over the years, although for decadesit was primarily a fine arts movie house, which is why it iscommonly referred to as the Exeter Street Theatre building. Thatuse ended in 1984 when developer Jonathan Davis bought the buildingand converted it, amidst sharp criticism from preservationists,into a home goods store. The store quickly failed and was replacedin 1991 by a Waterstone's Booksellers.

Waterstone's remained in the building until last year,interrupted in the midst of its tenancy by a devastating fire thatrequired a substantial rehab. The British-based bookstore chainthen shocked everyone last year when company officials announcedthey were pulling all operations out of the United States.