Lafayette Corporate Center May Sell for $140 Mil

BOSTON-The Lafayette Corporate Center in the heart of Downtown Crossing and a testament to that area’s revitalization, is reportedly close to being sold. Industry sources confirm for GlobeSt.com that the redeveloped office building is for sale but could not verify the asking price.

Unconfirmed reports say that the building owners, the Chicago-based Barket Brothers, could get as much as $140 million for the 615,000-sf office and retail building. That is significantly more than the $17 million that the Center sold for at a foreclosure auction in 1997. State Street Corp. leases 400,000 sf at the Center and MFS Investment Management leases the remaining 135,000 sf.

Reportedly, Bullfinch Cos. and Abbey Group, both locally based, are the main contenders to buy the Center. A Ritz-Carlton Hotel is being developed nearby as well as luxury condominiums. Emerson College is also moving its campus into the neighborhood and development is anticipated on an adjacent city-owned parcel.