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BOSTON-Patriot Games LLC sold LaFayette Corporate Center for $133.5 million. The complex was sold to The Abbey Group, a locally based real estate owner/investor.

Lafayette Place was originally built as a 500-room hotel, 1,000 parking spaces and a 300,000 sf retail mall but the project faced difficulties and never reached occupancy levels above 60%. It was closed down in 1989 after its purchase by The Campeau Group. Patriot Games, LLC, a partnership consisting of Angelo, Gordon & Co., Amerimar Enterprises and Centrum Properties, purchased the mall from its lender in 1997 after several failed redevelopment efforts.

The group redeveloped the property, stripping the existing building down to the steel, adding three additional stories and putting on a new facade. The mall was transformed to an office building with street level retail and leased to a number of local financial institutions.

Keith Barket of Angelo, Gordon & Co.credits the center’s successful redevelopment to city Mayor Thomas M. Menino, the Boston Redevelopment Authority and the tenants who “were willing to see the vision of a new neighborhood.” Menino, he says, went to “leasing meetings with us to help attract tenants to this end of town.” After the redevelopment of Lafayette, several additional projects began in the area, including the Ritz Carlton Hotel and its condominium residences.

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