Our Portfolio

Saracen is an active investor, operator and developer of office, lab and multi-family properties, exclusively focused on Greater Boston

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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.

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.

Stony Brook Office Park

Stony Brook Office Park 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 Stony Brook included the construction of a new parking garage, a new fitness center and a new cafe.  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

Other completed projects

140 Kendrick Street

In 1998, Saracen acted as developer for the former Polaroid warehouse at 140 Kendrick Street, Needham, MA on behalf of Wellsford Commercial Property Trust which purchased to property for $14,000,000. Saracen was the largest individual shareholder of Wellsford Commercial Property Trust. Upon closing, Saracen undertook permitting for the redevelopment of the site into a 350,000 square foot master planned corporate park. The project went through the special permit process of the Town of Needham, as well as Mass DEP and waterways approval.

Upon receipt of all entitlements to the project, Wellsford sold the permitted site in August, 1999 for $25,975,000 to Parametric Technology for its corporate headquarters relocation.

333 Elm Street

333 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

Wells Center

Wellls Center 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 Wells Center included the renovation of the building entrance lobby, the cafe and the outdoor patio area.  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

Dedham Office

Dedham Office 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 Dedham Office included the renovation of the building entrance lobby, the cafe and the outdoor patio area.  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

117 Kendrick Street

In 1998 Saracen undertook the adaptive reuse of this former 200,000 square foot warehouse and transformed it into a 210,000 square foot first class office building.  The ownership of the project was Wellsford Commercial Property Trust, of which Saracen was the largest individual shareholder.

Purchased for $12,000,000, the renovation then included the expenditure of approximately $18,000,000 in base building, leasehold improvement and soft costs, for an “all in” basis of approximately $150 per square foot.  The base building capital improvement program was completed in ten months followed by a 12 month lease up period to six tenants to 100% occupancy in 1999.