A joint venture between MC Real Estate Partners LLC (MCRE) and an affiliate of Taconic Capital Advisors L.P. (Taconic) has acquired 11 Avenue de Lafayette, a 57,000-square-foot, five-story office building in downtown Boston for $23 million.

The partnership purchased the property from Elderhostel, the previous owner and primary occupant of the building. As part of the acquisition, Elderhostel a not-for-profit educational travel organization, will now occupy one full floor of 11 Avenue De Lafayette in a leaseback agreement. The balance of the building (approximately 40,000 square feet) will be available for lease. MCRE and Taconic intend to execute a comprehensive capital improvement program to reposition 11 Avenue de Lafayette as a boutique office environment targeting Boston’s dynamic tenant market.

“MCRE has had terrific success with similar assets in Boston and remains bullish on Boston’s prospects for post-covid recovery. We’re pleased to add 11 Avenue de Lafayette to our growing portfolio in the area and thrilled to be partnering with the talented team at Taconic,” said Andy Nathan, managing principal at MCRE. “This acquisition showcases our continued belief in the urban office sector and we’re confident our planned capital improvement and repositioning program will unlock the full value of this boutique brick and beam investment.”