T
he former Barnes & Noble location on Washington Street, a 76,000-square-foot property that has been vacant for nearly two decades, is under contract to be sold to Hudson Group, a Boston-based company with experience in transforming downtown properties. According to sources familiar with the negotiations, the sale price is expected to be significantly lower than its 2017 value of $63 million.

    Jaylen Brown, an NBA All-Star, had previously planned to transform the five-story building into a hub for Black entrepreneurship, featuring Black-owned businesses on the street level and housing his startup accelerator program on the upper floors. However, after signing a record-breaking contract last year, Brown's plans were put on hold as he continues to search for an alternative site downtown or elsewhere in the city.

    The property's troubled history dates back to 2006 when Barnes & Noble closed its doors, leaving it vacant until L3 Capital and LaSalle Investment Management purchased it in 2017. Despite millions in upgrades, COVID-19 derailed their plans, forcing them to surrender the building to lender Wells Fargo last year.

    Hudson Group's experience in transforming downtown Boston properties could bring new life to this long-vacant space. Meanwhile, Brown's initiative, Boston XChange, continues to move forward with its mission to address Boston's racial wealth gap through real estate and entrepreneurship, despite the setback of losing the Washington Street location.