59 Temple Place, a large retail and office
building located in the Downtown Crossing area of
Boston is up for sale. The owners, Northland Investment
Corporation out of Newton, Massachusetts have shared that they have
already entered talks with investors from Chicago known as the
Oxford Capital Group. At 11-stories tall, this group envisions a
brand new looking boutique hotel that could feature as many as 183
rooms.
After much debate and attraction from an array of local and
other investors who proposed the building be converted into
everything from creating updated office spaces to a converted
apartment building. The biggest worry is not from residents and
other individuals who are frequently in this area. This is because
this pending sale to Oxford is only expected to be a positive one
that will undoubtedly rejuvenate this shopping area. On the other
hand, those who are most concerned are the current tenants of the
property. The only hope is that their leases will be honored under
their current contracts before any drastic changes to the building
take effect through the new ownership.
As the current state of the building has been deteriorating, the
upcoming plans to revitalize the property will be a pleasant and
welcomed change indeed. It must be known that in 2007 the Northland
Investment Corporation purchased 59 Temple Place for $23.5 Million.
Furthermore, the current due diligence phase between them and the
Oxford Capital Group have thus far not released any figures
portraying an estimate as to the asking price for the property. We
shall all stay tuned!
More Information: Boston Herald