Company History

1976 – 1989

Established firm through rehabilitation / adaptive reuse and development of 270 residential units and 600,000 commercial sf

Manufacturing led recession

  • 1976 Firm founded with focus on urban residential renovations and conversions
  • 1979 Completion of Brimmer Street Garage – nations first condominium parking garage
  • 1983 Developed Henderson Carriage Building in first institutional joint venture (Paine Webber Properties)
  • 1986 Developed Keane Building, first JV with anchor tenant
  • 1987 First ground-up developments with River Court and 201 Broadway

1990 – 2001

Opportunistic period of rapid company growth: acquired over 4mm sf and developed an additional 900,000 sf

Over-supply, S&L Crisis

Long Term-Capital / Russian Debt Crisis

  • 1990 Acquired $84mm of first mortgage debt for $48mm, successfully restructuring the portfolio and positioning the company to take advantage of market distress
  • 1991 One of the first operating companies in New England to acquire distressed debt from FDIC, banks, and insurance companies.
  • 1994 Opened Norwalk, CT office
    Began repositioning program of 800,000 sf of strip center retail centers in MA
  • 1995 First medical office investment project (850 Boylston St.)
  • 1998 Started 900,000 sf of speculative office development with Prudential and SSR, all of which was Sold prior to 2001.
  • 1999 Aggregated 370,000 sf industrial portfolio and completed sale to LaSalle
    Acquired Boston Design Center for $34mm and added expertise in special use property type
  • 2000 Acquired Charles River Plaza using relationship with Partners Healthcare as competitive advantage

2002 – 2007

Significant net sellers, returning over $650mm to investors

Tech bubble bursts

Great recession

  • 2002 Developed Reservoir Woods and Wilton Corporate Park – over 1.7mm sf including first LEED Platinum building in New England

2008 – 2016

Took advantage of special situations resulting from downturn. Became operator sponsored Fund manager

  • 2009 Fund I formed
    First CMBS acquisition
    Acquired first debt positions since early 90’s
  • 2012 Fund II Formed
  • 2015 Fund III Formed