The property-- situated one mile west of the MassachusettsInstitute of Technology and one mile east of Harvard University andHarvard Square--was developed and is managed by locally basedSamuels Property Group LLC. Company principals Jonathan H. Samuelsand Francis N. Mastroianni purchased the building two years ago for$12 million and renovated it to create a mixed-use development."They completely renovated it," Legg Mason Real EstateServices/Spectrum Financial's senior vice president Stanley J.Sidel tells GlobeSt.com. Sidel arranged the mortgage with Bank ofAmerica. "The only thing left standing were the exteriorwalls."

The building now contains approximately 125,000 sf of office,retail and health-club space and is fully leased. Among its tenantsare Harvard University, which occupies over 70,000 sf of officespace, The Gap and Gap Kids, Boston Sports Club and ComputerRecognition Systems. While Sidel declined to reveal terms, he saysthat because the tenants did their own buildout the lease rate islower than it should be.

Legg Mason Real Estate Services/Spectrum Financial is awholly-owned subsidiary of Baltimore-based Legg Mason, Inc andarranges real estate financing for mixed use projects, shoppingcenters, specialty retail properties, office buildings, industrialbuildings, warehouses, corporate headquarters, and apartments.