Developer Andrew Wiebe lost nearly $600,000 in a bid to sell his company, which builds high-end office space in Boston.
In February, the Boston Development Network, a consortium of private equity firms, bid to purchase the historic St. Mary’s Place office building, a century-old building that was once home to the Boston City Council and is one of the most recognizable buildings in Boston, according to a source close to the project.
The building is currently owned by the City of Boston.
However, Wieb’s company was one of several developers who failed to land the deal, according and a source familiar with the matter.
Wieb, a native of Georgia, had been the sole developer on the St. Louis office project.
Wiebes first-quarter financials show a loss of $61,976.71, but that is only after accounting for a gain of $18,908.50 in the fourth quarter of 2015.
It is unclear whether the loss was the result of the bidding process.
The sale was the largest ever by a developer, according the Boston Business Journal.
The St. James Square office project, located at the corner of Massachusetts Avenue and Lexington Street, was purchased by the Boston Properties Corporation in December of 2015 for $2.4 billion, and the company’s first tenant, the New York City-based brokerage firm, is set to occupy the building in the coming years.
It has been the subject of some criticism over its use of luxury office space, including the building’s $8 million price tag.
Wiedbe, who left his job as an architect and turned to development in his 20s, has been a longtime developer and had been involved in projects in the city of Boston and in Atlanta.
The city of Chicago, in contrast, had to close a deal with a group of developers in 2015 to purchase a former Sears building, which was previously home to several businesses including the clothing company Sears Holdings Corp. and the Boston Red Sox baseball team.