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.
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 email@example.com. Follow him on Twitter at @bytimlogan.