One Washington Mall
In September, 2006 Saracen Properties LLC in a joint venture with AEW Capital Management purchased this well-known 16 story, 156,000 square foot Boston Landmark for $33,500,000. At the time of purchase the property was 60% leased and had not had a new tenant move-in in over 24 months.
Saracen Properties executed a $3,500,000 capital improvement program for the building. The scope of work has included the installation of all new elevators including machinery and conveyancing systems, installation of a new exterior curtain wall, and a completely renovated main lobby. Saracen also oversaw the permitting and installation of a new entrance canopy providing strong identity form State Street.
In the summer of 2012, Saracen procured a long term lease agreement with Staples, Inc. for a new two-story 17,000 rsf Flagship store, the second such store in the USA. This lease brought the building occupancy to 99.5%. The tenant roster has been enhanced with the addition of prestigious tenants such as Verizon, The Massachusetts Bankers Association, Stewart Title and RR Donnelly.
The property was sold to an affiliate of the Georgetown Company in November 2013 for $56,730,000.