Two Liberty

In January 2005, ELV acquired an 11-Story, 60,000 square foot boutique office building in Boston, Massachusetts in an off-market, preemptive offer. Recognizing the opportunity to add value through re-tenanting at market rates, ELV intended to negotiate an early termination of the single-tenant lease, re-lease the building on a floor-by-floor basis at higher rates and consider a sale upon stabilization. However, in August 2007, robust capital markets supported attractive pricing and the investment was sold half-way through the leasing campaign, generating a 23% IRR over the holding period.