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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 Globest.com. “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.”

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