Scope

205,000 square-foot, 11-story office building with 778-space, six-level parking garage

Challenge / Description

This was a ground-up project, acquired in a market with minimal demand for leased office space and a very low absorption ratio. The absence of pre-leasing agreements – key to retaining development rights and a purchase option for the land – posed an additional challenge.

Solution

The project was completed in 1987, two years after acquisition, and fully leased to major tenants such as Hewlett Packard, Prudential, Consolidated Cigar, AT&T and New England Life. It subsequently sold at a profit in 2001.

Completed

December 1987. Sold in 2001.

Partners

Barker Pacific Group, Guardian Savings Association and TCW Realty Advisors.

Financing
Construction – First Interstate Bank

Major tenants

• Hewlett-Packard
• New England Life
• PageNet
• Prudential