A joint venture between New York, NY-based ClearRock Properties and Stamford, CT-based Juster Properties has acquired an office building in downtown Boston’s Leather District for $27.5M. The six story, 73,689 sqf building from 1909 recently underwent a renovation of its entry, lobby, elevator cabs and common areas, along with a conversion of a 4,000 sqf storage area into office space. Current tenants include Credo, Publisher’s Clearing House, BlueConic and Evidox. The seller, Meritage Properties, was represented by JLL Managing who will stay on as leasing agent while Lincoln Property Company will continue as property manager.
“201-207 South Street has attracted a unique mix of innovative companies,” said ClearRock Properties Managing Principal Steve Grant, who noted that web development consultants Bocoup recently leased 10,000 square feet at the building, where office rents have risen in recent years to the low $40s. “We are fortunate to have the opportunity with near term rollover to enhance an already vibrant community of tenants at the building.”
