November 13, 2006

CBRE/Melody finances purchase of One Washington Mall

Boston Business Journal

CBRE/Melody said Monday that the company arranged $8 million in equity capital for the purchase of One Washington Mall on behalf of Saracen Properties and AEW Capital Management LP.

The sale of the 156,000-square-foot office building in Boston's Financial District was announced last month. The 16-story building was sold by Intercontinental Real Estate Corp. for $33.5 million. The property will undergo a multi-million dollar renovation including upgrades entrance, lobby, elevator and infrastructure upgrades.

Waltham, Mass.-based Saracen and Boston-based AEW plan to continue operating the building -- which currently has 60,000 square feet of vacant space -- as an office property.