Elderhostel, Inc. – a travel educational firm that tenants the building – sold 11 Avenue de Lafayette to 11 ADL Property, LLC – a subsidiary of MC Real Estate Partners – for $22,925,000. MCRE, in partnership with Taconic Capital Advisors, 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 over 20 years.
“MCRE has had terrific success with similar assets in Boston and remains bullish on Boston’s prospects for post-covid recovery. We’re pleased to add 11 Avenue de Lafayette to our growing portfolio in the area and thrilled to be partnering with the talented team at Taconic,” said Andy Nathan, managing principal of MC Real Estate. “This acquisition showcases our continued belief in the urban office sector and we’re confident our planned capital improvement and repositioning program will unlock the full value of this boutique brick and beam investment. We also believe combining the availability for lease and repositioning of 11 Avenue de Lafayette and 110 Chauncy Street will establish a hub for top design and creative office users in downtown Boston.”