7/57 Wells Avenue

7wellsfront.jpg7/57 Wells Avenue 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 7/57 Wells Avenue 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

 

   
2010 Saracen Properties
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