18 Tremont Street (Sold)
Boston, MA

Meritage Properties acquired 18 Tremont Street, its first Boston-area acquisition, on April 27, 2005. 18 Tremont Street is an approximately 202,000 square foot office building located between Boston's Financial and Government Center Districts. The building was constructed in 1915 and consists of twelve above ground floors and a full basement level. Over the past several years 18 Tremont underwent nearly $10 million in renovations, including all new common areas, a new roof, elevator upgrades and façade restoration. The building truly reflects the best of both old and new Boston office accommodations.

18 Tremont Street is home to approximately 50 tenants, including the American Cancer Society, Clean Air Task Force, Rodgers, Powers & Schwartz, Archibus Architects, and Mutual of Omaha. Paradigm Properties serves as the property manager of 18 Tremont Street.

18 Tremont Street offers tenants a unique set of amenities that helps to differentiate the property from Class-B office buildings in downtown Boston. For example, men's and women's locker rooms have been installed, offering our tenants’ facilities to shower and change after a run or bike ride in nearby Boston Common. Additionally, the recent replacement of all retail storefronts and entry doors with new architectural treatments provided an entirely new "face" to the property.

Amenities:

• Concierge
• On-site conference facility
• State of the art locker rooms and bike room
• Adjacent to King's Chapel and the Chapel Burial Ground, which affords views in three directions (east, south and west)
• Close proximity to public transit
• Near to Government Center, City Hall Plaza, the State House

Having completed the objectives of our investment much earlier than anticipated, Meritage sold 18 Tremont Street in October of 2007, resulting in investor returns exceeding original projections.