MCRE Partners and Taconic Capital Advisors acquire Boston office for $23m

MC Real Estate Partners (MCRE), in a joint venture with an affiliate of Taconic Capital Advisors, has acquired 11 Avenue de Lafayette, a 57,000-square-foot, five-story office building in downtown Boston for $23 million.

The partnership bought the property from Elderhostel, the previous owner and primary occupant of the building. As part of the acquisition, Elderhostel, a not-for-profit educational travel organization, will now occupy one full floor of 11 Avenue De Lafayette in a lease-back agreement, and the balance of the building (approximately 40,000 square feet) will be available for lease. MCRE and Taconic intend to execute a comprehensive capital improvement program to reposition 11 Avenue de Lafayette as a best-in-class boutique office environment targeting Boston's dynamic tenant market. This will be the first time space in this high-character building has been available to the market in more than 20 years.

This transaction represents the second recent office