Joint venture takes Lincoln Plaza

CB Richard Ellis/Whittier Partners negotiated the sale of Lincoln Plaza, a 231,125-square-foot, class A office complex in Boston, Mass.

The value of the transaction was $27.5 million.

The property was constructed as warehouse space in the 1890s-1920 before a mid-1980s renovation converted the property into class A office space. The location is one block from South Station. The building has two addresses, 89 South St., which holds 167,000 square feet of office space, and 70-80 Lincoln St.

Elizabeth Thomas, Phil Giunta and Andy Hoar of CB Richard Ellis/Whittier Partners represented the seller, CRP Properties Inc., and procured the buyer, which includes Cresset Group and Third Sector New England.

The two-building property is being divided between the two partners. Cresset Group plans to convert its portion to residential. Third Sector New England, a non-profit organization, plans to create a nonprofit center where nonprofit organizations can co-locate in order to enhance their operations, promote their missions and benefit from the power of the community.

Boston-based CB Richard Ellis/Whittier Partners is a joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire.

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