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BOSTON-The mystery buyer of 268 Summer St. has stepped forward, and the real estate investment group is already looking beyond the doorway of that eight-story, 68,000-sf office building. “We like Boston a lot,” says Costa Alexakos, who formed Aegean Capital LLC just weeks before grabbing the Summer Street asset for $16.3 million. “Its fair to say that is our core market right now.”

The New York City-based company also has a medical office building under agreement in Stamford, CT, and is exploring deals in south Florida, says Alexakos, who is a co-founder of Everest Partners LLC. That firm has been active in New England for several years, having purchased dozens of local properties, including three in Downtown Boston.

Aegean Capital shares Everest’s New York City headquarters and Alexakos is still involved in the company, but says he will soon depart and focus on Aegean Capital while Kambiz Shahbazi, the other co-founder, continues Everest Partners. “We’re basically going to split into two,” he says. A handful of Everest’s properties in Greater Boston will be put under Aegean’s control, Alexakos also confirmed, although he declined to identify the assets until that process is finalized. The firm will open a management office in Peabody to service the local portfolio, he says.

In the meantime, Aegean is moving ahead to secure deals in the white-hot investment market up to $100 million. A property Alexakos acquired in Stamford in December, 470 West Ave., will be managed by Aegean, as will 1290 Summer St., the 41,000-sf Stamford medical office building that is under agreement and slated to close early next month.

The company will explore mostly office and mixed retail/office opportunities, Alexakos says, with no minimum threshold on price. Everest was known as a company able to take underperforming assets and improve through value-added efforts, and Alexakos says that will be a strategy of Aegean Capital, although stabilized multi-tenanted buildings will also be considered. “We’re looking to do deals,” he says.

The first Boston conquest, 268 Summer St., is a former warehouse wedged amid a row of similarly converted structures lining the Fort Point Channel part of Summer Street. The price amounts to about $239 per sf, a relative bargain compared to the supposed $275 per sf being paid by Normandy Real Estate Partners for three office buildings across the street, 273, 281 and 321 Summer St. As reported by GlobeSt.com earlier this week, Normandy is buying the 270,000-sf portfolio for about $74 million, and was rumored to have 268 Summer St. in tow. Instead, Aegean Capital captured the asset in a last-minute surge.

Alexakos says the aggressive play for 268 Summer St. reflects his confidence in Greater Boston and Fort Point Channel in particular. “We think there’s a lot of promise for rental growth there,” he says. Anchored on the first floor by a Dunkin’ Donuts that recently doubled to 1,800 sf, 268 Summer St. has about 9% vacancy and two leases rolling this year representing another 10% of the building. The building had been owned by an affiliate of the Archon Group LP, the Texas firm selling the three Summer Street properties to Normandy, but was not in the portfolio of 17 buildings Archon acquired in 2005 from Boston Wharf Co. “It’s a good building physically,” says Alexakos, so well-regarded attracted Normandy and other high-grade prospects, sources say, including finalist Ashforth Paradigm Capital Advisors.

Archon bought 268 Summer St. in 1998 for $4.5 million from a firm that had foreclosed on it in 1990. The seizure capped an effort by developer Dennis Stackhouse to convert the building into office space in the mid-1980s, a pioneering venture at the time, and one that failed upon the collapse of the Boston economy. The district’s office market has seen dramatic swings since, including a brief spurt in the dot-com boom when the eclectic product type was embraced by the technology sector and commanded rents approaching $40 per sf. The average rate has since slipped back into the high-$20-per-sf range, but Alexakos is among those anticipating that will trend upward. Normandy, he notes, was not the only entity chasing the three other assets at prices approaching $275 per sf.

Aegean Capital has not yet named a leasing agent for 268 Summer St., but expects to do so soon, Alexakos says. Archon was represented in the building sale by Richards Barry Joyce & Partners and its investment sales team of Rich Bradbury and Rich Herlihy.

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