Business & Tech

A new life for long-empty storefront in Downtown Crossing?

The long empty Barnes & Noble storefront in Downtonwn Crossing and the building above it are finally due to be redeveloped.

The building housing the long-vacant Barnes & Noble in Downtown Crossing is set to be sold to a new owner who plans to redevelop it into retail and office space.

Longtime owner Robert Posner has a deal in place to sell 395-403 Washington Street to a partnership of two Chicago-based real estate firms, industry sources say. Sources familiar with the deal said LaSalle Investment Management and L3 Capital would pay about $65 million for the five-story, 75,000-square foot building. The sale, which was first reported by real estate trade publication The Real Reporter, is expected to close by September. A LaSalle spokesman declined comment and Posner did not return messages.

The building, in a storefront across from the new Millennium Tower, has been largely empty since the Barnes & Noble closed in 2006, and was seen by many as a key piece in the revival of Downtown Crossing. A source familiar with LaSalle and L3’s plans described a “substantial” investment that would revive two stories of retail with three floors of creative office space above.

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In recent months, LaSalle, an arm of real estate firm JLL, has also bought 10 Post Office Square and 10-20 Channel Center in Boston.

Tim Logan can be reached at tim.logan@globe.com. Follow him on Twitter at @bytimlogan.