70 Lincoln Street, Boston
Cresset purchased One & Two Lincoln Plaza in downtown Boston in 2004. The property was configured as first-class office space, but was within a zoning district that allows for residential use, subject to the City of Boston’s Article 80 regulatory process.
Cresset mitigated the office lease-up risk by selling the office portion to a non-profit office tenant, which in turn allowed Cresset to focus on the development of high-quality residential condominiums.
Acquired 231,000sf office property
Sold approximately 121,000sf of office space to a non-profit organization
Sold 93 condos and approximately 12,000sf of retail space
