Efforts to contact Neelon officials and brokers at Jones LangLaSalle who handled the sale were unsuccessful, but Suffolk CountryRegistry of Deeds records confirm the deal has been consummated.Some industry observers that were spoken to also acknowledgedNeelon's investment, a move that caught at least one veteran brokeroff guard. "It was surprising, yes," says the source, recallingNeelon as a firm focused on suburban Boston and its core Walthamproperty overlooking Route 128. It is there on Bear Hill Road thatNeelon and Normandy Real Estate Partners are developing the105,000-sf Overlook Center, one of several office projects nowunderway in that community.

Neelon is certainly not alone in seemingly anticipating upsidein Boston, as the city experienced heavy investment sales throughmid-year, much of it focused on small- and mid-sized propertiessimilar to 2 Liberty Sq. The CRE market continues to buzz about thenearly $500 per sf recently fetched for 45 Milk St., whileGlobeSt.com reported yesterday that the Flatley Co. traded its 141Tremont St. for $333 per sf. "That's right there" with comparabledeals, says one broker. The sale represents a substantial returnfor ELV Associates, which paid $15.2 million for the building inFebruary 2005.

ELV, a foreign investment group which has had a presence inGreater Boston for several years, acquired 2 Liberty Sq. during aperiod of turmoil for the asset. Sole tenant Putnam Investments wasbeing battered by its market-timing role in the mutual fundindustry, a scandal that led to a sharp reduction in the venerablecompany's worth. While difficult to say how much of an impact itplayed on the firm's decisions, Putnam later opted against renewingits lease at 2 Liberty Sq., and the space remains available.