Trio of tenants sign on at One Washington
Three tenants have signed leases at One Washington

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TC Saracen awards Erland rehab of 187,000 s/f office
TC Saracen - a joint venture between Trammel Crow Co. and Saracen Properties LLC - has awarded Erland Construction the rehab of 43 Foundry Ave., a...

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333 Elm Street

elmfrontview.jpg333 Elm Street was one of a portfolio of six buildings which were purchased in 2004 by Saracen, in partnership with Rockpoint Group.  The portfolio, totalling 900,000 square feet, was purchased for $69,000,000 from a distressed private REIT.  Over the next 18 months, Saracen acted as both Manager and Developer and oversaw a $23,000,000 recapitalization project for the properties.  The scope of work for 333 Elm Street included the renovation of the building entrance lobby.  Mechanical systems, landscaping and signage upgrades were also performed.  Upon completion of the 18-month capital improvement program, the portfolio enjoyed an occupancy rate in excess of 80%.

The portfolio was sold to Normandy Real Estate Partners for $151,000,000 in April 2006.

Project Team:

  • Developer - Saracen Development
  • Architects - LaFrenieve Architects, Cubellis Architects, BH+A
  • Civil Engineer - Beal Associates
  • General Contractors - Ostrander Construction, Gilbane Construction, Commodore Builders
  • Brokerage - Meredith & Grew, Inc., Spaulding & Slye, Cushman & Wakefield
   
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