First Ipswich Bancorp to Sell Boston Office Building

The property, a 10-story, 22,625 sq. ft. office building is located in the heart of Boston's financial district at the corner of Congress and State Streets, will be sold though a "call for offers" process managed exclusively by CB Richard Ellis' Capital Markets Private Client Group. "The sale and lease back of our Boston building is a logical next step in our ongoing strategic plan," said FNBI president and CEO Russell G. Cole. "FNBI, like many banks, believes that a sale/leaseback arrangement is consistent with good business practices. Quite simply, it allows us to put our money into loans to our customers and not tie it up in real estate."