ANDOVER, MA-CMGI Inc., the Internet investment and operating company that has recently seen its stocks prices take a dive, backed out of a tentative agreement to buy Brickstone Square office building. The company is the largest tenant in that building.

CMGI started talking about buying the building about a half a year ago. The plan seemed logical as the company occupied a third of the complex and as leases rolled over, the company would be able to easily expand. But the company’s stock started to slide before the deal was closed.

Still, according to George Nugent, of CB Richard Ellis/Whittier Partner, a Boston-based commercial real estate firm even if the company’s fortunes had not changed it is not clear that the deal would have gone through. “It made sense for them to look at it,” Nugent tells “Buying that complex would have put them in the real estate business.” Brickstone Properties has tried to sell the 1.1 million sf building before but could not get the price it was looking for. “It’s a complicated property,” adds Nugent. “It performs well on a cash flow basis but because of its size and the fact that it’s a converted mill it’s a difficult project to figure out.”

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.