The Real Reporter July 16, 2010

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NEWTON—Capital sources chasingmiddle market deals in GreaterBoston have a new option for perusal.According to industry professionals,313 Washington St. ownerTranswestern Investment Co. hashired Richards Barry Joyce & Partnersto peddle the four-story, 82,000-sfoffice/retail hybrid located in thebustling Newton Corner business dis-trict. Chicago-based Transwesternacquired the building in December2005 for $12.6 million.

“I hope to take a peek,” conveysone prospective suitor who is familiarwith 313 Washington St. “It’s right atthe epicenter for activity in the west-ern market,” observes the investor,who is focused on regional assetsunder $20 million. “I like it a lot.”

THE REAL REPORT

THIS WEEK’S ISSUEMarathon Men . . . . . . . . . . . . . . . . . 2Trust Funds . . . . . . . . . . . . . . . . . . . . 3Mandarin Win . . . . . . . . . . . . . . . . . . 4Going for Broker . . . . . . . . . . . . . . . . 9Spelling Schenectady . . . . . . . . . . . . 10 BY JOE CLEMENTS

BOSTON — Jonathan G. Davis is look-ing to buy commercial real estateboth far and near, or so it would

seem from reports that the Hub-basedinvestor who is steppingup a southeastern USplatform also has a promi-nent office property inBoston’s Seaport Districtunder agreement at aprice said to be in excess

continued on page 9

JULY 15, 2010

Your Source for Commercial Real Estate News

BY JOE CLEMENTS

BOSTON — Showingconfidence despitethe lingering region-

al downturn, KS Partnersfounder Kambiz Shahbazihas bought out two loansvalued at more than $43million on properties hecontrols here in the Huband in Dedham, simulta-

Backed by Baupost, KS Buys $43M in LoansJonathan G. Davis

313 Washington St., Newton MA

For $40M-Plus, Davis Cos. SeenBuying 175,000-SF Boston Asset

BY JOE CLEMENTS

CAMBRIDGE—The office sector herehas been as flat as stale soda for mostof 2010, but thanks to a diversified

tenant base and limited supply of newproduct, many observers antici-pate a fervent fizz could soonhave top landlords bubbling withenough confidence to selectivelyboost rental rates by year’s end.

“It’s a distinct possibility forsome of the trophy properties,”says Richards Barry Joyce &Partners VP of Research Brendan

Carroll, enthused by a mid-year survey inwhich five out of every six landlords ofprime buildings who responded indicatedthey will hold firm on rents in the comingquarter. FHO Partners broker Ted Lyon

sees a similar scenario over thenear term.

“It is pretty flat, but that’s agood thing,” says Lyon, with ris-ing vacancies and falling rentsfinally leveling out. “Cambridge islooking much brighter today thanit did six months ago, and you

Flat Feeling A Positive for Cambridge

253 Summer St., Boston MA

Dedham Executive Center, Dedham MA

continued on page 13


Ted Lyon


2 THE REAL REPORTER July 15, 2010

METHUEN—CB Richard Ellis/NewEngland has been hired byMarathon Realty as exclusive leas-

ing agent for One Griffin Brook Dr., a33,000-sf office building serving the north-ern Massachusetts and southern NewHampshire commercial markets.

A “solid performer” since beingacquired in 1999 from developer WhittierPartners, One Griffin Brook Dr. had a fewslots open up during the recession,according to Marathon President DavidWanger. A once-thriving CitiMortgage unitoperating from there faded into the darkeconomic night and the building’s erst-while anchor tenant recently left behind10,000 sf. Having previously handled leas-ing in-house, ownership determined “wecould use some help” to find takers for thecurrent offerings, says Wanger, especiallyin light of the difficult Interstate 495 Northsubmarket.

“It has been hit hard,” accedes Wanger,whose Newton-based firm is resolved toretain the portfolio’s only office property,in keeping with Marathon’s long-term

approach for a retail-focused portfolio.“We feel we are the best office product inMethuen, and we do think we are going tobe able to attract tenants,” says Wanger.

Current occupants include a TD Bankinsurance affiliate.

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LINCOLN, RI — Washington Trust’s Commercial Real EstateGroup recently provided close to $4 million in separate mort-gages for two Rhode Island landlords, including $1.4 million

to refinance 1 Commerce St. in Lincoln, a 22,000-sf buildingoccupied by medical office users and a daycare facility.

In the larger transaction, $2.57 million was secured by theownership of 2220 and 2240 South County Trail in EastGreenwich, properties that comprise the Independence Business

Park. Known locally as being the former site ofthe East Greenwich Dairy, the two-acre com-plex today sports a 12,000-sf industrial build-ing and an 11,000-sf office structure.Washington Trust Chairman and PresidentJoseph J. MarcAurele says IndependenceBusiness Park benefits from a location onRoute 2 and quick access to Route 4. That andother attributes, he says, “make it an attractive

space for companies interested in an area that has experiencedhigh population growth.”

Washington Trust made the loan to the East Greenwich prop-erty on behalf of 2240 South County Trail LLC, an affiliate ofPascack Builders. An experienced developer and constructionmanager, the firm is headquartered at the park that today hous-es nearly a dozen companies active throughout southeasternRhode Island.

The Lincoln mortgage was made for 1 Commerce St. ownerBlackstone Management LLC, a private, family owned operationthat currently manages more than one million sf of commercialreal estate. Its parent company is F.H. French Co., another Ocean

July 15, 2010 THE REAL REPORTER 3

Washington Trust Team Delivers Nearly $4M in Two RI Financings

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BOSTON—Having heretofore luredhigh-end tenants to the MandarinOriental Hotel’s shops using in-house

means, owners of the ornate complex havenow hired a CBRE/New England specialty

group to fill two vacantinside units. Less than10 percent of the28,000 sf remainsunspoken for, accordingto CBRE/GrossmanRetail Advisors princi-pal Jeremy Grossman,who is handling theassignment with SeniorAssociate AndreaMatteson.

“The timing is goodall around to create abuzz about the Mandarinretail,” Grossman tellsThe Real Reporter, cit-ing an improved econo-

my boosting the fortunes of Back Baystorekeepers after a torpid 2009. That stripof Boylston Street around the Mandarin is

benefitting from a new eatery beinglaunched by renowned restaurateurPatrick Lyons, notes Grossman, and the

second-level corridor where the 1,100- and1,675-sf units are located is finally becom-

Grossman, Matteson Take on Mandarin Retail

continued on page 5

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J U LY 1 2 T H

BUYER: South Shore HospitalSELLER: George S. Peterson and Thomas J.Teuten, trustees of 780 Main Street Realty TRPRICE/ADDRESS: $9,500,000; 780 Main St.,WeymouthNOTES: Two-story office property, constructed1950; building size is 46,050 sf, lot size is 3.3acres; seller’s ownership dates to Dec. 1986

J U LY 9 T H

BUYER: King 101 Hartwell LLCSELLER: AMB Property LPPRICE/ADDRESS: $2,300,000; 101 HartwellAve., Lot 7, LexingtonNOTES: Single-story flex/office property, con-structed 1970; building size is 40,600 sf, lotsize is five acres; asking rent of $14 per sf; lastsold as part of $41 million portfolio sale fromCampanelli Cos. in March 1998

J U LY 8 T H

MORTGAGE: $12,000,000 from BendersonDevelopment Co. LLCADDRESS: 20 and 50 Royall St., CantonBORROWER: Canton Lodging LLC

J U LY 7 T H

MORTGAGE: $3,000,000 from DigitalFederal Credit UnionADDRESS: 655-705 Eastern Ave., Lot 2, MaldenBORROWER: DH Development LLC

NOTES: Single-story retail property, constructed1970; building size is 9,500 sf, lot size is twoacres; last sold for $2,246,000 in July 1998

BUYER: 10 Kidder Road LLCSELLER: Kidder Road LLCPRICE/ADDRESS: $1,300,000; 10 Kidder Rd.,ChelmsfordMORTGAGE: $1,235,000 from Kidder RoadLLCNOTES: Single-story industrial property, con-structed 1982; building size is 16,775 sf, lot sizeis 1.5 acres; last sold for $245,000 in Dec. 1987

MORTGAGE: $1,187,000 from CompassBankADDRESS: 96 Main St., WilmingtonBORROWER: SLD-NGA LLC

J U LY 6 T H

MORTGAGE: $56,000,000 fromCapitalSource BankADDRESS: 259 Elm St., Dedham andWestwoodBORROWER: Dedham Lodging Associates I LP

Commercial DealsMILLION DOLLAR MORTGAGES/SALES JULY 6 - JULY 12, 2010

Pho

to: D

erek

Sza

bo

ing a recognized pedestrian route betweenthe central Prudential Center arcade andeastern wings anchored by Lord and Taylorand Shaw’s Supermarkets. Tenants occu-pying Mandarin retail at 776-778 BoylstonSt. include First Republic Bank, Italianlinens company Frette, and the M Bar.

CBRE/Grossman’s selection as broker isprescient for another reason—this week’sInternational Council of Shopping Center’sNew England Idea Exchange around thecorner in the Hynes Convention Center.The brokers had tours scheduled showingthe Mandarin to retailers on hand for thepopular conference, says Grossman, thesame event that has had Boston MayorThomas Menino bouncing attendees from

one shopping district to another across theHub, including the Newbury Street area.

Grossman is rather familiar with all por-tions of the Back Bay commercial environ-ment, having previously been at SamuelsAssociates, a retail kingpin headquarteredon Newbury Street. CBRE/Grossmanpresently is representing several primeproperties there, including 85 and 160Newbury St. and 265 Dartmouth St., allowned by Taurus Investments and UrbanMeritage. CBRE is also leasing agent forThe Newbry retail at 501 Boylston St.

Fears of a double-dip recession stillhave many experts concerned about thelong-term health of retail, but Grossmansays all indications are that the Back Bayhas weathered the storm. Filling theMandarin retail vacancies should be aidedby improving conditions, he says, as will

having functional space available that canfeed off both passersby and denizens ofthe Mandarin itself. Designed byesteemed Boston firm CBT Architects, theproperty includes 148 hotel rooms andsuites, plus another 50 residences and 35apartments.

Tenant selection for the available slotswill weigh heavily on needs of theMandarin customer, relays Grossman, aswill ensuring the mix is complementary toother retailers. “Our company is very well-qualified to do this,” Grossman says of thefirm that provides a full range of retail advi-sory services. Company president HowardGrossman echoes that sentiment in a pressrelease announcing his firm’s appointment,promising a campaign that will “secure amix of distinctive tenants to complementthe superior quality of the hotel.” n

Mandarin Retailcontinued from page 4


J U LY 1 2 T H

MORTGAGE: $2,500,000 from The VillageBankADDRESS: 303 Franklin St., NewtonBORROWER: Allison L. McDonough and C.Geoffrey McDonough

BUYER: 200 Moody Street LLCSELLER: Judith Mann and Robert Mann,trustees of JRM Realty TRPRICE/ADDRESS: $1,600,000; 220-226Moody St., Lot A1, WalthamMORTGAGE: $1,200,000 from 200 Nelson LLCNOTES: Single-story retail property, constructed1880; building size is 8,900 sf, lot size is 9,000sf; seller’s family ownership dates to 1980

BUYER: Andrew W. Ayers and Kathleen D. AyersSELLER: Laura C. Livingstone and Victor T.LivingstonePRICE/ADDRESS: $1,350,000; 56 AutumnLn., HamiltonMORTGAGE: $1,080,000 from BostonPrivate Bank & Trust Co.NOTES: Single-family Colonial, built 1991;house size is 5,900 sf, lot size is 6.7 acres; fourbedrooms and 4.5 baths; last sold for$782,500 in Aug. 1998

BUYER: Owen P. Hughes Jr. and Stephanie S.HughesSELLER: Richard J. Curtin and Diana L. DemetriPRICE/ADDRESS: $1,350,000; 31 Candy HillLn., SudburyMORTGAGE: $472,500 from MortgageMasterNOTES: Single-family Colonial, built 2004;house size is 5,350 sf, lot size is 2.5 acres; fourbedrooms and four baths; property last sold for$489,900 in June 2000

MORTGAGE: $1,312,000 from ING BankADDRESS: 63 Dartmouth St., NewtonBORROWER: Karen T. Chinitz and Michael L.Chinitz

BUYER: John Michael Adams and Lisa C. AdamsSELLER: Andrew J. Calamare and Susan S.CalamarePRICE/ADDRESS: $1,250,000; 40 ConverseAve., NewtonMORTGAGE: $937,500 from New AllianceBankNOTES: Single-family Colonial, built 1925;house size is 3,100 sf, lot size is 8,375 sf; fivebedrooms and three baths; last sold for$415,000 in Aug. 1994; Declaration ofHomestead

BUYER: 400 Highland LLCSELLER: Barbara Gerstein and Joseph F. GersteinPRICE/ADDRESS: $1,170,000; 400 HighlandSt., WestonNOTES: Single-family, built 1959; house size is2,975 sf, lot size is 1.3 acres; three bedroomsand three baths; seller’s ownership dates toApril 1970

BUYER: Barbara Gerstein and Joseph GersteinSELLER: Field at Mainstone Inc.PRICE/ADDRESS: $1,150,000; 410 HayfieldLn., U-10, WaylandNOTES: Residential unit in condominium com-plex

BUYER: Douglas Beach and Jennifer BeachSELLER: John M. Hoffman and Robin M.HoffmanPRICE/ADDRESS: $1,129,000; 135 WalnutHill Rd., Lot 58, BrooklineMORTGAGE: $903,000 from MortgageMasterNOTES: Single-family Colonial, built 1930;house size is 2,600 sf, lot size is 11,225 sf, fivebedrooms and 2.5 baths; last sold for$415,000 in Aug. 1987; Declaration ofHomestead

BUYER: Patricia D. Kilfoyle and ThomasKilfoyleSELLER: Barbara L. Chappell, trustee of B.L.Chappell Nominee TR I

PRICE/ADDRESS: $1,100,000; 151 BedfordSt., CarlisleMORTGAGE: $113,000 and $417,000 fromSovereign BankNOTES: Single-family Colonial, built 2006;house size is 3,825 sf, lot size is four acres;four bedrooms and 3.5 baths; last sold for$1,300,000 in Nov. 2006; Declaration ofHomestead

J U LY 9 T H

BUYER: Adam D. ZolaSELLER: David B. Harrison, Eleanor A.Harrison, James L. Harrison and Joel M.HarrisonPRICE/ADDRESS: $7,400,000; 18 Point InnerWay, ChilmarkMORTGAGE: $2,000,000 and $3,000,000from First Republic Bank

BUYER: Tracey E. Byrne, trustee of BlossomLane Real Estate TRSELLER: One Blossom LLCPRICE/ADDRESS: $4,700,000; 1 and 3Blossom Ln., Manchester-by-the-SeaMORTGAGE: $3,250,000 from BostonPrivate Bank & Trust Co.NOTES: Single-family Mansion, built 1914;house size is 9,425 sf, lot size is 1.6 acres; fivebedrooms and five baths

Residential DealsMILLION DOLLAR MORTGAGES/SALES JULY 6 - JULY 12, 2010

A $417,000 mortgage from the Bank of Canton has enabled the $1,306,900 purchase of 3 StagecoachWay in Hopkinton by Erica M. Kelly and Michael L. White. Constructed in 2002, the 5,450-sf, five-bed-room home was sold by Christopher A. Rowland and Leslie T. Rowland.

continued on page 7


BUYER: Sharlyn Heslam and William D. HeclaSELLER: Lynne Palmer, trustee of Lynne PalmerTrust of 1995PRICE/ADDRESS: $2,650,000; 22 ChadwickRd., WestonMORTGAGE: $1,722,500 from Salem FiveMortgage Co.NOTES: Single-family, built 1969; house size is6,600 sf, lot size is 1.3 acres; five bedrooms,four baths and two half-baths; last sold for$700,000 in Aug. 1991

BUYER: Laurent Adamowicz and RumikoMizuuchi AdamowiczSELLER: Pamela Hughes, f/k/a Pamela WasleyLarsenPRICE/ADDRESS: $2,200,000; 84 Garden St.,CambridgeMORTGAGE: $523,000 from CitiMortgageNOTES: Single-family Victorian, built 1922;house size is 5,725 sf, lot size is 13,450 sf;nine bedrooms and 5.5 baths; seller’s owner-ship dates to Jan. 1983

MORTGAGE: $2,000,000 from Fifth ThirdMortgage Co.ADDRESS: 107 Peases Point Way N,EdgartownBORROWER: Christopher A. Celeste andNancy Kramer

BUYER: Karen Ayas and Atilla HabipSELLER: Semyon DukachPRICE/ADDRESS: $1,820,000; 230 LakeAve., NewtonNOTES: Single-family Colonial, built 1921;house size is 2,825 sf, lot size is 15,025 sf;three bedrooms and 2.5 baths; last sold for$1,900,000 in July 2008; Declaration ofHomestead

BUYER: Barnett C. Helzberg and Jennifer S.HelzbergSELLER: Frank G. Berson and Jill BersonPRICE/ADDRESS: $1,690,000; 10 WonsonSt.,. GloucesterNOTES: Single-family, built 1880; house size is3,225 sf, lot size is 8,700 sf; six bedrooms,three baths and two half-baths; last sold for$1,575,000 in May 2005

BUYER: Kristen PalmaSELLER: Naomi FonerPRICE/ADDRESS: $1,500,000; 32 OceanView Farm Rd., ChilmarkNOTES: last sold for $540,000 in Dec. 1994

BUYER: 17-19 Upland Road LLCSELLER: Russell B. FearingPRICE/ADDRESS: $1,430,000; 17-19 UplandRd., CambridgeMORTGAGE: $1,144,000 from EastCambridge Savings BankNOTES: Three-family, built 1930; house size is5,100 sf, lot size is 5,100 sf; last sold for$1,300,000 in May 2005

BUYER: David Lesnik and Marcia SugrueSELLER: David Boyce and Lisa BoycePRICE/ADDRESS: $1,210,000; 15 Village HillRd., Lots 26A and 27A, BelmontMORTGAGE: $968,000 from Bank ofAmerica NANOTES: Single-family Colonial, built 1937;house size is 3,300 sf, lot size is 22,000 sf; fivebedrooms and 3.5 baths; last sold for$1,187,000 in Sept. 2005

BUYER: Hedi Diego Kallal and Malika ZeghalSELLER: Stacy M. FergusonPRICE/ADDRESS: $1,200,000; 128 MerriamSt., WestonMORTGAGE: $200,000 from HarvardUniversity Employees Credit UnionNOTES: Single-family Colonial, built 1964;house size is 3,850 sf, lot size is 5.6 acres; fivebedrooms and 2.5 baths; last sold for$600,000 in May 1991

BUYER: Daniel Santangelo and Joseph C. SantangeloSELLER: Gary Darman, Linda Darman andSheila TreschakPRICE/ADDRESS: $1,125,000; 74 Deer PathLn., Lot 105, WestonMORTGAGE: $1,700,000 from The VillageBankNOTES: Single-family Ranch, built 1966;house size is 2,900 sf, lot size is 1.5 acres;three bedrooms and two baths; last sold for$615,000 in Jan. 1999

BUYER: Jill Berson and Frank G. BersonSELLER: Jane L. ForsythPRICE/ADDRESS: $1,002,500; 7 AtlanticAve., RockportNOTES: Single-family, built 1800; house size is1,500 sf, lot size is 1,550 sf; four bedrooms and2.5 baths; last sold for $575,000 in Jan. 2000

BUYER: Debra Patsky and Cammy S. PearlSELLER: Joshua S. Levy and Rachel Rock LevyPRICE/ADDRESS: $1,000,000; 40 RockledgeRd., NewtonMORTGAGE: $744,000 from FairfieldCounty BankNOTES: Single-family Victorian, built 1907;house size is 2,575 sf, lot size is 8,780 sf; sixbedrooms and 3.5 baths; last sold for$980,000 in Aug. 2004


A venerable single-family home at 94 Prospect St. in Reading has changed hands for the first time innearly 30 years. Dating to 1924, the 5,125-sf, seven-bedroom residence was purchased from Sheila C.Larson by James L. Bedingfield and Kelly C. Bedingfield, financed by a $700,000 loan from US Bank. Theproperty last sold for $205,000 in March 1981.

continued on page 8

continued from page 6


BUYER: James L. Bedingfield and Kelly C.BedingfieldSELLER: Sheila C. LarsonPRICE/ADDRESS: $1,000,000; 94 ProspectSt., ReadingMORTGAGE: $700,000 from US BankNOTES: Single-family, built 1924; house size is5,125 sf, lot size is one acre; seven bedroomsand four baths; last sold for $205,000 inMarch 1981; Declaration of Homestead

J U LY 8 T H

BUYER: Kristina G. DaglioSELLER: Geoffrey H. Lewis, trustee of JMNominee TRPRICE/ADDRESS: $4,200,000; 31 Hyslop Rd.Ext., BrooklineMORTGAGE: $2,460,000 from BNY MellonNANOTES: Single-family Cape, built 1953; housesize is 8,400 sf, lot size is one acre; five bed-rooms and 5.5 baths; last sold for $762,500 inAug. 1996; Declaration of Homestead

BUYER: Tamar KahnSELLER: Susan W. WhitmanPRICE/ADDRESS: $1,975,000; 25 Pine HillDr., Lot C, NeedhamNOTES: Single-family Victorian, built 1991;house size is 5,450 sf, lot size is one acre; fourbedrooms, three baths and three half-baths;last sold for $2,100,000 in June 2007;Declaration of Homestead

BUYER: Gary L. Bloomgren and Mary AnnBloomgren, trustees of Bloomgren FamilyRevocable TRSELLER: Raymond J. Ciccolo, trustee ofConcord Road Realty TRPRICE/ADDRESS: $1,760,000; 48 GarfieldRd., ConcordMORTGAGE: $1,232,000 from WeichertFinancial ServicesNOTES: Single-family Colonial, built 2008;house size is 6,000 sf, lot size is 1.9 acres; fourbedrooms and 4.5 baths; last sold for$470,000 in July 2006; Declaration ofHomestead

MORTGAGE: $1,237,500 from Bank ofAmerica NAADDRESS: 175 Elgin St., NewtonBORROWER: Joshua Coval and Leslie Perlow

BUYER: Danielle Shupe and John P. ShupeSELLER: Emily J. Hussey and Richard D. Hussey

PRICE/ADDRESS: $1,150,000; 17 SweeneyRidge Rd., BedfordMORTGAGE: $325,000 and $340,000 fromWells Fargo BankNOTES: Single-family Colonial, built 1998;house size is 5,300 sf, lot size is 40,025 sf; fivebedrooms and 3.5 baths; last sold for$750,000 in April 1999; Declaration ofHomestead

BUYER: Michelle Ray and Ross ThompsonSELLER: Mary Jo Holland and Thomas R.HollandPRICE/ADDRESS: $1,076,000; 7 WashingtonSt., WinchesterMORTGAGE: $868,000 from NE MovesMortgageNOTES: Single-family Victorian, built 1890;house size is 4,700 sf, lot size is 10,725 sf; sixbedrooms and 3.5 baths; last sold for$530,000 in Dec. 1998; Declaration ofHomestead

MORTGAGE: $1,000,000 from RBS CitizensADDRESS: 66 Fresh Pond Ln., CambridgeBORROWER: Thomas P. Maniatis

J U LY 7 T H

BUYER: Lubov Greenwood and Robin MarcGreenwood

SELLER: Daren S. Chentow and Cleve L.Killingsworth Jr.PRICE/ADDRESS: $1,467,000; 126 ManetRd., NewtonNOTES: Single-family Colonial, built 1931;house size is 4,075 sf, lot size is 12,925 sf; sixbedrooms and 4.5 baths; last sold for$1,450,000 in March 2004; Declaration ofHomestead

BUYER: Erica M. Kelly and Michael L. WhiteSELLER: Christopher A. Rowland and Leslie T.RowlandPRICE/ADDRESS: $1,306,900; 3 StagecoachWay, Lot 77, HopkintonMORTGAGE: $417,000 from Bank of CantonNOTES: Single-family, built 2002; house size is5,450 sf, lot size is 1.4 acres; five bedrooms,three baths and two half-baths; property lastsold for $234,250 in Aug. 1997; Declaration ofHomestead

BUYER: President And Fellows of HarvardCollegeSELLER: Carolyn K. Tribe and Laurence H. TribePRICE/ADDRESS: $1,250,000; 9 Ash St.,CambridgeNOTES: Single-family, built 1930; house size is1,300 sf, lot size is 4,800 sf; one bedroom and1.5 baths; last sold for $425,000 in April 1989


continued from page 7

Lynne M. O’Connor has sold 54 Wedgemere Ave. in Winchester, a single-family Colonial built in 1915.The buyers, Anthony C. Crooks and Joanne D. Crooks, paid $1,230,000 for the 3,875-sf, seven-bedroomhome, backed by $850,000 in financing from ING Bank.



RBJ principal and Capital Markets Group chief Frank Petz didnot return phone calls by press deadline, although sources insistthat Boston-based firm has been retained to handle the offering,

which reportedly does not carry an asking price.RBJ negotiated the sale to Transwestern fiveyears ago.

Benefitting from inner-suburban officedemand, plus direct access onto theMassachusetts Turnpike Extension, 313Washington St. has enjoyed relatively steadyoccupancy following initial growing pains after a1980’s conversion. The building’s stewardship

during that time has featured an intriguing roster of local realestate players who have held title at one time or another, amongthem Boston real estate legend Harold Brown.

The Hamilton Co. mainstay paid $5.7 million for 313 WashingtonSt. 20 years ago this week before parceling it off six years later toMassachusetts Premier Properties, an entity managed by cur-rent Hamilton President Carl Valeri. In April 1997, the buildingwas secured for $6.75 million by a partnership that includedMichael Grill, Louis Grossman and Richard Simon. Two yearslater, the building was acquired for $11.8 million by ParadigmProperties Corp. That firm, whose principals include StephenAllison, John Caldwell and Kevin McCall, then traded 313Washington St. to its current owners, a purchase made during aspending spree that also resulted in Transwestern picking up 40Broad St. and 75-101 Federal St. in Boston, plus the sprawlingBrickstone Square complex in Andover.

As for motivation on harvesting the Newton asset, local CREwatchers say Transwestern might be hoping to catch onto a suddenspark in the sales sector, especially for medium-sized properties inpreferred venues such as Newton Corner. “That market is reallyhot,” says one broker who anticipates a lively response.

Kane GainWILMINGTON — An official announcement is said to be in theworks, but broker Lisa A. Kane is already entrenched in her newposition at Boylston Realty Advisors following 3.5 years at TheKane Co. in Portsmouth, NH. Based in the firm’s Wilmingtonheadquarters, Kane says she felt BRA would match up well with

her own expertise. “They have a big focus onretail, and that seemed like a good fit,” Kanesays. “It’s a really great company, and I look for-ward to the opportunity to grow with them.”

Kane is bringing one assignment with her,that being the retail plaza on Woodbury Avenuein Portsmouth anchored by a KMart andMarket Basket, an asset located in front ofthe Kane Co. headquarters on Commerce Way.

Another retail center in Milford, NH, and two in Massachusettswill also be under her purview at the outset, including a BRA-list-ed complex at Bell Circle in Revere. “It’s a Class A retail site,” saysKane, who is overseeing that listing along with BRA co-founderDaniel Rabazzi. The expanding company is active throughoutMaine, Massachusetts and New Hampshire. n

The Real Report continued from page 1

Frank Petz

Lisa A. Kane

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Corporation Directors/Registered Agents Address Nature of Business

Alvina LLC Abhaya Bakshi, mgr, director, signatory; Bhabana Pati, mgr 66 Russells Way, Westford MA 01886 Real estate and technology business

VG Acquisition LLC James Brown and Clifford M. Pollan, managers; Principal office @ 11 Meadowbrook, Wellesley MA 02481;Lawrence E. Oscar, signatory Brown and Pollan @ 500 Ygnacio Valley Rd., Walnut Creek CA 94596 Real estate and digital marketing

KB3 Properties LLC Brian Lynch, signatory; Mary Goss, resident agent 102 Dean St., Norwood MA 02062 Real estate

Gateway M LLC Robert J. Morton, manager; Richard A. Shells Jr., signatory, Principal office @ 109 Elm St., Millbury MA 01527-0151;resident agent, William J. Walsh, signatory Shells @ 311 Main St., Worcester MA 01608 Managing and dealing in real estate

Baystate Realty Services Inc. Himendra K. Bartkahur, president, treasurer, secretary Principal office @ 19B Russell Dr., Salem MA Real estate consulting

27 Gaylord LLC Richard S. Himmelwright, manager; Principal office @ 4 Springfield St., Three Rivers MA 01080; Purchasing and selling business equipment Frank P. Fitzgerald P. C., resident agent Fitzgerald @ 46 Center Sq., East Longmeadow MA 01028 and dealing in real estate

Bremen Gove Development LLC Paul D. Marks, manager, signatory, resident agent; Principal office @ 7 Columbia Terrace Unit 2, Brookline MA 02446; Buying and selling real estateRichard Garaffo, manager, signatory Garaffo @ 90 Bremen St., East Boston MA 02128

Worthington Management Inc. Margarita M. Monsalve MS 254 Worthington St., Springfield MA 01103 Property management

H & S Groton Realty LLC Henry J. Nassar Jr., manager, resident agent 1 Groton St., Lawrence MA 01843 Management, ownership, & develop. of RE

Rocket View Holding Company LLC Steven M. Ward, manager, resident agent; 129 Pakachoag St., Auburn MA 01501 To engage and invest in real estate and Jeffery H. Ward, manager interests therein

806-810 Boston Road Realty LLC Douglas R. Smith, manager, signatory, resident agent 11 Covington Ave., Billerica MA 01821 Dealing in real estate

Gloucester Prospects LLC Frederick A. Martin, manager, signatory; Sharon E. Martin, Principal office @ 4 Nickerson Rd., Peabody MA 01960 Dealing and investing in real propertyJoseph Quattrochi, signatories

Citystream Inc. Phuc Vinh Truong, president, treasurer, clerk 30 St. Margaret St., Boston MA 02125 Real estate

Tech Park I and II LP The Gutierrez Company, general partner 1 Wall St., Burlington MA 01803 Acquire, sell, manage, and lease real estate

JA-X Realty LLC Gary Gillespie, manager, resident agent; 220 Wheeler St., Methuen MA 01844 Real estate development and property Arthur Cianelli, manager management

77 West Brookline Development LLC Stephanie Petty, signatory, resident agent 40 Willard St., Quincy MA 02169 Financing, owning, and operating real property

BSH Schenectady 1 LLC Bernie McNamara, manager, resident agent 196 Stone Root Ln., Concord MA 01742 Real estate development, construction,and management

Castle Hill Group LLC Steven Peter Lovely Esq., manager, signatory, resident agent; Principal office @ 14 Story St., Salem MA 01970 Real estate development and ancillary Julianna Tache, manager services

M & C Rentals Inc. Manuk Degirmenci, manager, resident agent; 183 Main St., Waltham MA 02453 Managing real propertyCemil Degirmenci, manager, resident agent

Trailside Rentals LLC Craig P. Della Penna, manager, resident agent 14 Strong Ave., Northampton MA 01060 Real estate

Jener Development Inc. Ernest Marchi, president, treasurer, director, resident agent; 30 Beaumont Pond Dr., Mansfield MA 02048 Real estate developmentJennifer Marchi, secretary, director

Greenbaum Industries LLC Edward R. Greenbaum, manager, resident agent; 61 Laurel Ln., Longmeadow MA 01106 Ownership, management, and leasing of Gary E. Martinelli real property

Bearcat Realty LLC Peter E. Spinney, manager, signatory, resident agent 22 Salt Marsh Ln., Gloucester MA Purchasing, owning, and operating real estate

Bedford Development LLC David N. Bernstein, manager, resident agent 10 Overlook Dr., Bedford MA 01730 Investment in, and development and ownership of real estate

61-71 Finlay LLC Paul S. Daniels, manager, signatory, resident agent; 34 Pond Rd., Orleans MA 02653 To own and operate a real estate businessPatricia L. Daniels and Steven D. Daniels, signatories

Herring River Marina LLC Peter Lorusso, mgr, signatory; Michael Lorusso, resident agent Principal office @ 60 New Driftway, Scituate MA 02066 Real estate management

75 Ash LLC Urbancia Inc., mgr; Kamran Zahedi, signatory, resident agent 142 Berkeley St., Boston MA 02116 To acquire, hold, and develop real estate

HR Ventures LLC Daniel Rubin, manager, signatory, resident agent; Principal office @ 34 Edison St., Dorchester MA 02125; Investment in real estate

Pamela S. Schwartz Esq., signatory Schwartz @ 369 Merrimack St., Methuen MA 01844

55-2 Main Street Framingham Marianna Gaitsgory, manager, signatory, resident agent; 11 Bridge St., Needham MA 02494 To own, lease, and manage commercial Michael Gaitsgory, manager, signatory real estate

Carick Property Holdings LLC Richard K. Bendetson, manager, signatory, resident agent 63 Atlantic Ave., Boston MA 02110 Real estate

North Shore Corner LLC Jamie Russo, manager, signatory, resident agent; 63 Atlantic Ave., Boston MA 02110 Construction of real estateCharles Lightbody, manager, signatory

146 Naples Road LLC Koby Kempel, manager, signatory, resident agent 146 Naples Rd., Brookline MA 02446 Mortgaging and development of real property

9 Park Avenue LLC BH Management LLC, manager, signatory; 350 Prospect St., Belmont MA 02478 Dealing in real and/or personal propertyJay Bounty, resident agent

Beetlerock Property Advisors LLC Katherine R. Rowley, manager, resident agent 8 Strasser Ave., Westwood MA 02090 Real estate consulting and investment

JTSD Development Inc. Shelley Ruth Trehey, president, secretary, resident agent; 39 Lakeshore Dr., Monson MA 01057 Purchase, sell, and deal in real estateJerrold F. Trehey Francis Trehey Esq., treasurer, director

A. M. C. Realty Group LLC Carl A. Crupi, manager, resident agent; Principal office @ 10 Elizabeth Dr., Wilmington MA 01887 Purchase, sale, and development of Steven M. Singer, signatory real property

Massachusetts CorporationsOrganized July 6 - July 12, 2010



Corporation Directors/Registered Agents Address Nature of Business

11 St. Marks Road LLC Mark Reinhold, manager, resident agent 138 B South St., Jamaica Plain MA 02130 Ownership and development of real estate

Spring Point LLC David M. Lee and Dana T. Lee, managers; National Principal office @ 96 Hammett Rd., Chilmark MA 02535 Own real propertyCorporate Research LTD, resident agent

Claridge House 512 LLC Carlos Trujillo, manager, signatory, resident agent 83 Algonquin Rd., Chestnut Hill MA 02467 Real estate holding

Chestnut Hill Enterprises Inc. Carlos Trujillo, president, treasurer, secretary 83 Algonquin Rd., Chestnut Hill MA 02467 Real estate holding

Fairways 83 Holdings LLC Carlos Trujillo, manager, signatory, resident agent 83 Algonquin Rd., Chestnut Hill MA 02467 Real estate holding

The Plum LLC Kevin W. Lawson, manager, signatory, resident agent; 19 Wellesley Dr., Longmeadow MA 01106 To hold real estateSusan P. Lawson, manager, signatory

Sea Street Holdings CME LLC Michael John Connors, manager, signatory, resident agent 32 Emerson Rd., Walpole MA 02032 Real estate

Twenty Paris Street LLC Diane Arenella, manager, signatory, resident agent 505 Tremont St. #905, Boston MA 02116 Real estate investments

Cub & Pickle LLC Maureen Kerns and Fredric Kerns, managers Principal office @ 136 Water St., Williamstown MA 01267 Own, operate, lease, sell, & develop real property

MLT Realty LLC Michael L. Gibbons, Lawrence E. Gibbons, and Thomas A. Principal office @ 42 West Main St., P.O. Box 372, Ayer MA 01432 Residential and commercial holding and Gibbons, managers; Thomas A. Gibbons, registered agent management

BMS Properties LLC Bing He, signatory, resident agent 47 Eldred St., Lexington MA 02420 Residential, commercial, and industrial RE

Holly Realty Associates LLC Frank S. Orloff, manager, signatory, resident agent; 32 Gould St., Stoneham MA 02180 Buying and selling real estateMartha A. McCarthy-Orloff, manager, signatory

357 North Main Street Inc. Charles A. Anton, manager, signatory, resident agent Principal office @ 357 North Main St., Andover MA 01810 To purchase, sell, own, and manage RE

409 Federal Street LLC Barry R. Lundgren, manager, resident agent; Principal office @ 525 Washington St., Auburn MA 01501 Buy, sell, lease, mortgage, and deal in Patrick J. Lundgren, manager; Stuart A. Hammer, signatory real property

Flint Street Development LLC Brett J. Maloney, manager, resident agent 12 Flint St., North Reading MA 01864 Bonds and real estate

1776 Washington Partners LLC Christopher J. Fletcher, manager; Principal office @ 1776 Washington St., Walpole MA; Monac @ c/o Investments in real estateClifford A. Monac Esq., resident agent Brady & Monac P.C., 1068 Main St., P.O. Box 102, Walpole MA 02081

Cohen Family Moore House LLC Reuben Namdar, Jonathan Schorsch, and Mara Cohen, Principal office @ 4 Chockers Ln., Chilmark MA 02535; Developing real estate in Martha's Vineyard,managers; Zev D. Gewurz, resident agent Gewurz @ 400 Atlantic Ave. c/o Goulston & Storrs, Boston MA 02110 MA

Bay State Realty Solutions LLC Brendan O'Heir and Stephen Ballas, signatories; Principal office @ 493 East Third St. Ste. 1, South Boston MA 02127 Real estate redevelopersUnited States Corporation Agents Inc., resident agent

Jasset Street Development LLC Joseph M. Flaherty, manager, signatory, resident agent Principal office @ 66 Charles St., P.O. Box 110, Boston MA 02114 Real estate development

Bellevue Street Realty LLC James O'Donovan, manager, signatory, resident agent; 33 Bellevue St., Newton MA 02458 To deal in real propertyDiane O'Sullivan, manager, signatory

Bentley Street Realty LLC James O'Donovan, manager, signatory, resident agent 33 Bellevue St., Newton MA 02458 To deal in real property

Washington Brighton Realty LLC James O'Donovan, manager, signatory, resident agent; 33 Bellevue St., Newton MA 02458 To deal in real propertyDiane O'Sullivan, manager, signatory

Massachusetts CorporationsOrganized July 6 - July 12, 2010

MORTGAGE: $1,049,000 from ING BankADDRESS: 141 Southfield Rd., ConcordBORROWER: Bonnie N. Hoover and Thomas J.Hoover

J U LY 6 T H

BUYER: 1895 Property LLCSELLER: Steven C. WalskePRICE/ADDRESS: $6,500,000; 164 ChestnutHill Rd., NewtonMORTGAGE: $4,550,000 from Bank ofAmerica NANOTES: Single-family Colonial, built 1895, reno-vated 1993; house size is 8,175 sf, lot size isthree acres; six bedrooms, six baths and fourhalf-baths; last sold for $1,500,000 in Feb. 1992

BUYER: David H. Emmerich and Kimberly J.EmmerichSELLER: Joseph Burke

PRICE/ADDRESS: $1,320,000; 14 Little’sPoint Rd., SwampscottMORTGAGE: $550,000 from First RepublicBankNOTES: Property last sold for $396,000 inJune 2009

BUYER: Anthony C. Crooks and Joanne D. CrooksSELLER: M. Lynne O’ConnorPRICE/ADDRESS: $1,230,000; 54Wedgemere Ave., WinchesterMORTGAGE: $850,000 from ING BankNOTES: Single-family Colonial, built 1915;house size is 3,875 sf, lot size is 16,982 sf;seven bedrooms and 4.5 baths; last sold for$180,000 in Aug. 1982; Declaration ofHomestead

BUYER: Jonathan M. SachsSELLER: Crescent LLCPRICE/ADDRESS: $1,100,000; 920 SudburyRd., ConcordNOTES: Single-family, built 1806; house size is2,525 sf, lot size is 1.87 acres; five bedrooms and2.5 baths; last sold for $1,398,000 in Oct. 2003

BUYER: Isabel Askenase and Richard StoverSELLER: James R. Shulman and Susan W.Shulman, trustees of Susan W. Shulman Trust of1999PRICE/ADDRESS: $1,065,700; 46 Ellis Rd.,NewtonNOTES: Single-family Tudor, built 1930; housesize is 3,275 sf, lot size is 12,635 sf; four bed-rooms and 2.5 baths; last sold for $455,000 inDec. 1991

BUYER: Kenneth George Place and Susan J.PlaceSELLER: Bruce H. Cottman and Sara E.Cottman, f/k/a Sara E. AlvearPRICE/ADDRESS: $1,010,000; 35 BattleFlagg Rd., BedfordMORTGAGE: $290,000 from BrooklineBank and $417,000 from MSA MortgageNOTES: Single-family Colonial, built 1996;house size is 4,350 sf, lot size is 34,850 sf; fivebedrooms and 4.5 baths; last sold for$609,000 in March 1996; Declaration ofHomestead

Residential Dealscontinued from page 8

of $40 million. Overlooking Fort PointChannel, the curved block of yellow-brickbuildings is held in a private trust backedby the Leventhal family, Boston’s iconicreal estate clan, who acquired the con-verted warehouses in Feb. 2005.

“That is true,” responds one source toinquiries on whether Davis has emergedthe winning bidder for a 175,000-sf swathof high-end space being marketed byCushman & Wakefield’s Capital MarketsGroup. Parties all around either declinedcomment or did not return phone calls bypress deadline, but multiple sources sup-port the notion that Davis has prevailedand is already performing due diligence inadvance of a closing. Given the rapid paceof negotiations for investment sales thisyear, observers anticipate a rapid resolu-tion should the structures pass muster.

The properties targeted include 11-17,19-27 and 29 Melcher St., with the hold-ings anchored by 253 Summer St. Datingto 1902, that six-story brick structure atthe entrance to the Summer Street Bridgehas more than 90,000 sf of first-class prod-uct. Managers of the Boston HSR SouthBoston LLC formed to run the propertyinclude Alan M. Leventhal and Mark S.Leventhal. The Davis Cos. will be assum-ing debt on the buildings as part of theagreement, according to those familiarwith the negotiations.

Besides Davis and the Leventhals,among those unavailable for comment onthe 253 Summer St. situation were C&WCapital Markets Group leaders Robert E.Griffin Jr. and Edward C. Maher Jr. In aReal Reporter article last month revealingthat the Leventhals had opted to divest theproperties, Griffin said he anticipated arobust response, terming the office space“best-in-class” for the Fort Point Channelsubmarket that today serves as primarygateway to the Seaport District and nearbyBoston Convention & Exhibition Center,located a few blocks east.

Already having developed a mix ofcommercial properties throughoutGreater Boston, and last month takingover a Burlington office complex via auc-tion, the Davis Cos. is continuing to growits New England base while also expand-ing the national platform. Having previ-ously dabbled in the Sunshine State, Davis

has just hired veteran Florida commercialreal estate specialist Seth Werner to scourthat region for opportunities, the compa-ny announced in a press release last week.The hiring of Seth Werner will enable hiscompany’s $230 million Davis InvestmentVentures Value Opportunity Fund One topursue southeastern industrial, office,residential and retail, says Davis, eitherbuying on an all cash or leveraged basis, aswell as purchasing mortgages and makingloans to investors aiming to acquire orrecapitalize properties. “In a time whensignificant dislocation in occurring . . . weare confident that Seth’s deep under-standing of the Southeast market and hisextensive industry relationships willenable the Davis Cos. to maximize avail-able opportunities and execute a success-ful investment program,” Davis conveys inthe release.

The Davis Cos. is also keeping active inthe western US, on Thursday announcingthe acquisition of six office buildings on 32acres in Colorado Springs, CO, propertiestotaling 284,000 sf of multi-tenanted prod-uct. That complex was secured via a“friendly” deed-in-lieu of foreclosure toDIV Briargate Property LLC. The entity isa joint venture between the Davis Cos.and Griffis Blessing Inc., a Colorado realestate company active in that market. Theloan had been acquired in Feb. 2009 fromMetropolitan Life Insurance Co. at whatDavis officials describe in a press releaseas “a significant discount” to the principalamount. “With a low basis, we are in the

fortunate position to be able to make aninvestment in the asset while at the sametime delivering highly competitive, cost-efficient solutions to tenants,” Davis saysin the release.

As for 253 Summer St., the firm is pur-chasing that package amidst a difficulttime for Boston’s office market, although amid-year survey from Jones Lang LaSalledoes show 95,000 sf of positive netabsorption for the Seaport District duringthe first six months. The availability rateof 24.5 percent for 5.9 million sf surveyedis, however, highest among seven Bostonsubmarkets tracked by JLL in its survey,which has the city average at 18.6 per-cent. The average asking rent for the dis-trict is $34.47 per sf versus the city markof $39.49 per sf, JLL reports. n

Davis Cos.continued from page 1

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State developer, manager and owneractive throughout Lincoln and surround-ing northern Rhode Island communities.

Washington Trust’s Commercial RealEstate Group provides mortgages for theconstruction, refinancing or purchasing ofinvestment real estate, with SVP Julia AnnM. Slom overseeing the two most recentassignments. Washington Trust Co. is asubsidiary of Washington Trust Bancorp.,a $2.9 billion corporation headquartered inWesterly, RI. The lender has offices insoutheastern Connecticut, Massachusettsand Rhode Island. n

Washington Trustcontinued from page 3


can’t say that about many markets.” The10.0 million sf of Cambridge office spacetracked by FHO Partners registered91,000 sf of positive net absorptionthrough mid-year, putting the vacancyrate at 9.9 percent.

RBJ puts the vacancy figure at 9.1 per-cent for its review of 12.2 million sf, a sur-

vey that recorded posi-tive net absorption overtwo consecutive quar-ters for the first timesince 2007. It was backthen when the vacancyrate of 7.6 percent firstbegan trendingupwards, says Carroll,

ultimately hitting double figures in late2009 before retreating to its current levels.

Cambridge rents are down to $39.92per sf, a 27 percent decrease from thehigh mark in Q1 of 2008, according toRBJ, but both Carroll and Lyon say theerosion has nearly ceased, and seeminglywill not plunge to the depths seen in thecity’s last major economic crash, the tech-nology bust that began in 2001 and ulti-mately dropped rents to $25.43 per sf bythe end of 2004. That was a 56 percentdrop off its earlier high, RBJ says. Rentaldecline during the past 12 months hasbeen just 4.3 percent, RBJ reports.

Lyon says he is encouraged becausethe near total dearth of new office con-struction in Cambridge has kept funda-mentals from deteriorating. The arrival ofsuch players as google and Microsoft dur-ing the past few years has further bol-stered the likelihood of a rapid rebound,Lyon relays, as evidenced by the lattergroup’s recent leasing of 113,000 atCambridge Center. “There’s a good mix ofthe young, venture-backed startups andbio-pharma companies that have always

been here with (thearrival of ) some ofthe most recognizedcompanies in theworld here today,”says Lyon. “It justfeels much healthierthan it has in quite awhile.”

Other positivesigns for Cambridgeinclude a 35 percentdecrease in subleasespace during the pastthree quarters, help-ing the availabilityrate drop from 18.2percent to 16.1 per-cent this year in theRBJ review. Newerproduct is especially solid, adds Carroll,whose research shows a scant 2.9 percentvacancy rate for Cambridge office build-ings constructed after 1993, an assem-blage of 2.3 million sf.

East Cambridge has enjoyed thestrongest comeback in the FHO review,posting 182,000 sf of positive net absorp-tion through mid-year to help offset a

47,000-sf drop in the HarvardSquare/Massachusetts Avenue corridorand negative- 45,000 sf for the Alewifedistrict. The latter submarket of 1.7 mil-lion sf now has a vacancy rate of 16.1 per-cent, FHO indicates, whereas the HarvardSquare/Massachusetts Avenue district isat 5.1 percent for its 2.1 million sf. “Spacethere is very scarce,” says Lyon. n

Cambridgecontinued from page 1

Brendan Carroll

Associate Robert LeClair are leading themarketing campaign.“The building’s excep-tional access toInterstate 93, flexibility. . . and creative, atten-tive ownership make ita highly attractive assetto potential tenants,”LeClair says in a pressrelease announcing theassignment. Space canbe subdivided down to1,500 sf, he reports,plus there is the 10,000sf availability in a primelocation for mid-sizedprospects.

CBRE cites OneGriffin Brook Dr.’s two-story glass atrium,“meticulous” landscaping and more than100 parking spaces on the 5.5-acre proper-ty among other likely draws to the building,which sits a few yards from the windingMerrimack River. Nearby amenities include

Hickory Hill Golf Course, The Loop lifestyleretail center, and multiple dining options.The property is situated adjacent to Route110 and barely two miles from I-93.

Rents are described by Wanger as “afew dollars” below the top I-495 Northrates that can be found across theMerrimack on River Road in Andover.Grubb & Ellis has the average asking ratefor Class A space in the submarket at$22.15 per sf and $18.58 per sf for Class Bbuildings. Wanger puts One Griffin BrookDr. in the “A-minus/B-plus” zone. “Itshows really well,” he says.

The G&E mid-year review reveals arough second quarter for I-495 North,during which net absorption was in thered by 121,000 sf and the vacancy raterose to 21.7 percent, highest among ninesuburban Boston regions surveyed. TheG&E review covers 12.9 million sf of spacein I-495 North.

To Wanger, having CBRE/NE on boardwill increase exposure to the opportunity,predicting a favorable result regardless ofthe challenged environment. “We feelgood we have the right team to make thiswork,” he says. n

CBRE/NEcontinued from page 2

David Connolly

Robert LeClair

The Real ReporterVOLUME 2, NUMBER 22

© 2010 The Real Reporter, Ten Post OfficeSquare, Boston MA 02109, 617-692-2997.All rights reserved. No part of this publica-tion may be reproduced without the writtenconsent of the publisher. The Real Reporter isa trademark of Launch Pad Boston.

Richards Barry Joyce & Partners

FEEDBACK TO: [email protected]


neously shifting title to new partnershipswhose backers include principals with thehigh-flying Baupost Group hedge fund.Separately, Shahbazi has also extended anote on the thriving Fordham Road OfficePark in Wilmington, records indicate.

Originated in 2007 by CountrywideCommercial Real Estate Finance and laterpassed on to Wachovia Bank and nowWells Fargo, the Boston and Dedhamloans bought out by newly formed entitiesrun by Shahbazi include one whose origi-nal principal was $19.7 million on abuttingbuildings in Boston at 85 Devonshire St.,262 Washington St. and 2-8 Water St. Theother note had a $23.7-million originalprincipal for the Dedham ExecutiveCenter, a 180,000-sf office building at980/990 Washington St., located near thejuncture of Routes One and 128.

Shahbazi and Wells Fargo did notrespond to inquiries regarding the maneu-vers, but one source claims the loans werebought in an all-cash arrangement and at“a substantial discount.” Shahbazi’s inten-tions appear to be trying to boost occu-pancy at the properties, a fight-versus-flight endeavor one CRE expert says isviable now that the assets are no longerdogged by outsized debt—or for that mat-ter, by any debt whatsoever. “Good forhim,” says a broker who maintains theinvestor’s biggest problem in a regional

portfolio that saw several properties takenback was poor timing, the deals made dur-ing a hyperactive investment market thatpeaked in late 2007. “Kambiz is a goodoperator,” insists the broker.

A Shahbazi entity paid $20.5 million forthe Dedham Executive Center in Feb.2007, the same month that the Bostonassets were acquired for $18.1 million. Asthe loan amounts indicate, each was lever-aged with financing above 100 percent,making the process of holding on chal-lenging once the economy soured.

“Almost everyone who bought then isdealing with the same thing,” says oneCRE professional who terms Shahbazi’smoves as “a strong step” towards rightinghis portfolio. That source and others claimthe Boston and Dedham properties arefundamentally solid, with occupancy inthe suburban building now approaching80 percent thanks to a robust lease-upeffort being handled by Colliers Meredith& Grew. The recent opening of the LegacyPlace lifestyle center around the cornercould be another boost for DedhamExecutive Center, brokers relay.

Better times could be on hand for theBoston holdings as well, conveys one mar-ket watcher who maintains the northernflank of Washington Street nearDevonshire Street has held up better thanother parts of the Downtown Crossingarea, a district that has been hurt by amajor restoration project stuck in limbo.“You are starting to see some life upthere,” says the source. There is 91,000 sftotal in the three Boston properties,including the 11-story 85 Devonshire St.that dates to 1905.

With that asset and Dedham nowseemingly on firmer ground, some ques-tion whether KS Partners will try to sal-vage other elements of the firm’s once-expansive New England holdings. The keywill be compliant lenders, says oneobserver, and their willingness to recog-nize the changed landscape which makesoperating under a heavy debt load nearlyimpossible. Others wonder whetherBaupost might make further investmentsthrough KS Partners. The hedge fundgroup led by well-known manager SethKlarman was rumored to have also pur-sued a bid with Shahbazi to buy the 75Sylvan St. mixed-use complex in Danversthat last month was secured byBrookwood Financial Partners. Baupostofficials did not respond to inquiries bypress deadline.

Meanwhile, KS Partners has extendedits loan terms on the Fordham Road com-plex for another four years. Fully occu-pied, the property at 100-110 FordhamRd. has 320,000 sf of office and warehousespace in four buildings. KS Partners paid$26 million for that asset in March 2007,financed by a $24.8 million loan fromMerrill Lynch Capital. n

Shahbazicontinued from page 1

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85 Devonshire St., Boston MA

Documents

The Real Reporter July 16, 2010