Weinstein of CresaPartners brokers $2.5m purchase of 125 Maiden Ln.

CresaPartners has negotiated the purchase of a 3,837 s/f office condominium at 125 Maiden Ln. on behalf of AVS, a non-profit organization. The property was purchased for $2.5 million from Time Equities. The tenant plans to move into its 15th-floor space in the summer of 2008. Until that time, AVS will remain at its current rental at 120 Wall St. "AVS renewed its lease at 120 Wall St. last year for a term of ten years, but when they learned about the opportunity to purchase an office condominium in the same neighborhood, they realized that this made long-term economic sense," said, Nancy Weinstein, vice president at CresaPartners. "AVS recognized that they could sublease their current space and seized the opportunity to buy property, which will retain, if not increase, its value in the coming years," said, Weinstein. "Office condos are often excellent investments for not-for-profits, but inventory is quite limited in the downtown market, so it's challenging to find these properties." Weinstein represented the tenant. Michael Rudder represented Time Equities. AVS is a non-profit organization dedicated to the application of vacuum and other controlled environments in materials science.