Two Oliver Street
In September, 2010 Saracen Properties LLC in a joint venture with AEW Capital Management purchased the mortgage on this 11 story, 223,455 square foot building in the heart of the Financial District for $26,500,000. The closing occurred only 25 days after learning of the purchase opportunity. A deed-in-lieu transfer was completed in November, 2010. At that time, the building was 45% leased.
Saracen Properties immediately permitted and commenced a $5,000,000 capital improvement program for the buidling. Major components of this effort included a brand new elevator lobby on the Battermarch side of the building, a new cooling tower, all new elevator mechanicals, and entrance canopy on Oliver Street, new bathrooms, HVAC and facade work. This committment gained credibility for the project in the market and served as the cornerstone for an aggressive lease-up campaign. The property was brought to a 75% leased status by June, 2012 including the lease-up of a full floor which represented the first full-floor tenancy in the building in over 25 years.
Major tenants in the building include AOL, HArvard Vanguard Medical Associates, Elysium Digital and The Boston Private Industry Council.
The property was sold for $52,000,000 to an affiliate of Synergy Investments in December, 2012.