Locally based Leggatt McCall Properties has sold two Boston office buildings for a combined $144 million, while Dallas-based Archon Group plans to build a spec office building in suburban Boston.
Leggatt McCall sold Ten/10 Post Office Square in Boston's Financial District to Chicago-based Walton Street Capital LLC . New York-based Sonnenblick Goldman arranged $82 million in acquisition financing on behalf of Walton Street Capital. Ten/10 Post Office square is a 13-story, 437,000 sq. ft. office building that is 96% leased.
In a partnership with New York-based Colonnade Properties, Leggatt McCall also sold 40 Broad Street in the Financial District to Atlanta-based TMW Real Estate for $63.8 million. The Boston office of Trammell Crow Co. represented Leggatt McCall and Colonnade.
The 11-story, Greek Revival-style building totals 283,520 sq. ft. of office space covering an entire city block and is fully leased. Originally constructed in 1923, 40 Broad Street was renovated in 1985 and is currently undergoing another modernization.
In suburban Westborough, Mass., Archon Group has broken ground on a 193,000 sq. ft. spec office development in Westborough Office Park. Trammell Crow is providing construction management. The building is scheduled for completion by July 2001.
Westborough Office Park currently totals 450,000 sq. ft. of Class-A office space and can support 1.4 million sq. ft. of development.