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JV To Historic Boston Office Property for Residential Use

A 231,125 sq. ft. office building located in downtown Boston has sold for $27.5 million. The buyers — a joint venture between the Cresset Group and Third Sector New England — plan to convert part of Lincoln Plaza for residential use. The property was originally constructed as warehouse space during the 1890s before a mid-1980s renovation converted it into Class-A office space.

The seller was CRP Properties, which was represented by Elizabeth Thomas, Phil Giunta and Andy Hoar of CB Richard Ellis/Whittier Partners. "We completed the entire process-from start to finish-in less than three months. It's a great testament to the strong level of interest we generated for the property," saysThomas. "We received nearly two dozen offers from very qualified investors. There was significant interest from out of town investors as well as local developers."

The property is being divided between the two partners. The Cresset Group portion will be converted to residential. Non-profit group Third Sector New England will create a Nonprofit Center.

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