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BOSTON-Chardon Realty Trust sold Lovejoy Wharf to a partnership comprised of Ajax Investment Partners LLC, Boston Wharf Investments LLC of New York and AIG Global Real Estate Investment Corp. The sale price was not disclosed, but according to local published reports the property went for approximately $30 million.

The acquisition includes two office buildings totaling more than 375,000 sf and a 40,000-sf wharf. Largely vacant, the office buildings–located at 160 North Washington St. on the North Washington Street Bridge, and 131 Beverly St., on the Charles River at the foot of the new Zakim Bridge–will be redeveloped into waterfront residential and ground-floor retail and restaurant space. The existing wharf will be redesigned as public, open space and will be connected to the Boston Harborwalk, a pedestrian walkway which stretches from the North End, around the Downtown area to South Boston.

Leigh Freudenheim, a Meredith & Grew vice president who negotiated the transaction, tells GlobeSt.com that the new owners plan a condominium conversion as well as developing a “substantial” retail component. The project, he notes, will need to undergo a fairly rigorous permitting process because of its location near the Boston Harbor and its current use as an office building.

The buildings, adds Freudenheim, are currently less than 50% occupied with mostly short-term leases. They were on the market for a number of years before Meredith & Grew signed on as brokers last year. Freudenheim says other developers have tried redeveloping the property with ideas for the site ranging from a telecommunications center to an office rehab to condominiums.

Condo conversions are a recent trend among developers in the city. In Cambridge, Leggat McCall Properties and ING are redeveloping One First St. into 199 condominiums. Downtown, Gold Associates and VEF plan to convert the top six floors of 441 Stuart St. to luxury condominiums. Other condo conversions are happening at 199 State St. and the Hoffman Building.

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