Property details: 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 has overseen a $3,000,000 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 redone main lobby. Saracen also overway the permitting and installation of a new entrance canopy.

This effort has resluted in leasing over 45,000 to new tenants and increasing the building's occupancy to over 80% at an average rental rate in excess of 20% over pro forma. The tenant roster has been enhanced with the addition of prestigous tenants such as Verizon, Delphi Technology and Economics and Technology.