While not reaching the reported $30 million thatIntercontinental was said to be seeking originally, the figure iswell above the $10 million spent to buy the building in 1997.
Intercontinental scooped up 100 Franklin St. as part of itsfirst commingled real estate investment fund. It then launched anextensive overhaul of the property, including the addition ofmodern mechanical systems, restored lobbies, new windows andinterior renovations.
A major coup for Intercontinental occurred when it lured theBoston Stock Exchange to the property, building out astate-of-the-art trading floor that boosted the exchange's standingin the Financial District and providing the building with along-term, solid credit tenant. According to principal PeterPalandjian, 100 Franklin St. today is "widely regarded as one ofBoston's architectural jewels."
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