The 6-acre junkyard is near the Andrew Square T (MBTA) stop.Other office complexes developed around T stops in the GreaterBoston area are thriving, notably in Quincy, Braintree and Medford."Street car suburbs are very successful and there is a limitedamount of property near T stops," Shawn Herlihy, a director atHolliday Fenoglio Fowler LP, tells GlobeSt. Com. The company hasbeen hired by Cresset to arrange financing for the development."These guys are making a fabulous buy," adds Herlihy.

The site is a little over a mile from Downtown Boston and twostops from South Station. Rents in this area are between $30 to $40per sf. In Cambridge and Downtown Boston rents have gone as high as$80 per sf. South Boston has not traditionally been home to officespace but as rents continue to rise and as most of the sites inSouth Boston's waterfront area taken, developers are forced to lookfarther afield for land to develop. Developer James Pappas hasrecently begun renovating the Court Square Press Building nearbyinto 212,000 sf of office space.

Bill Curtis, acquisitions chief for Cresset, declined to commenton the deal, saying that it's still too early in the process butHerlihy says that the three-phase development will total $115million. The space will be marketed as office and back-officespace.