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Oxford Capital Group Closes $23.3 Million Purchase of Property in Downtown
Crossing Area of Boston and Confirms Plan for a 250-room Boutique Hotel

By Greg Turner, Boston HeraldMcClatchy-Tribune Regional News

July 31, 2012--A Chicago developer is convinced more people will want to spend a night in Downtown Crossing.

Oxford Capital Group closed a $23.3 million purchase of a property along Washington Street late last week and confirmed plans yesterday to turn the offices into a boutique hotel.

"We are big believers in downtown Boston and the Downtown Crossing area in particular, which we believe is going through a significant transformation," John Rutledge, Oxford's CEO, said in a statement.

The company declined to detail its plans yesterday, but city officials said as many as 250 hotel rooms could fit into 59 Temple Place, an 11-story building that's connected to the Amory Building at the corner of West Street.

The deal, first reported by the Herald last month, drew praise from Boston Mayor Thomas M. Menino.

"There is excitement on every block in Downtown Crossing," he said in a statement. "It is great to welcome (Oxford) to the mix. The top-notch hotel that they have planned will further this neighborhood's remarkable energy and growth."

The seller of the building -- which has several storefronts including the Foot Paths shoe store and sits diagonally across from Macy's -- was Northland Investment Corp. of Newton.

"This is exciting news as investment continues to grow in downtown Boston," said Rosemarie Sansone, president of the Downtown Boston Business Improvement District, a nonprofit group that provides services funded by voluntary fees from property owners. "Oxford Capital has a great track record in boutique hotels and preserving architectural treasures."

gturner@bostonherald.com

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(c)2012 the Boston Herald

Visit the Boston Herald at www.bostonherald.com

Distributed by MCT Information Services



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