Amerimar Enterprises, Angelo, Gordon & Co. and Centrum Properties acquired the distressed Lafayette Place Mall in March of 1997 from the lender. Vacant since 1992, the mall became a symbol of the adjoining neighborhood's sluggish development. As a result, the City of Boston provided Chapter 121A tax abatements to induce the area's redevelopment. Amerimar had the foresight to recognize both the tightness of the Boston office market and the appeal of the building's large floor plates to corporations. Thus, Amerimar purchased the building with the intention to redevelop the mall into something its original designers had never imagined.

Amerimar completed an $85.6 million renovation and expansion of the original building. Three new floors were built on top of the original structure and the entire interior was converted to provide approximately 530,000 rentable square feet of office space and 77,000 square feet of street front retail space along Washington Street. The appearance of the building's exterior has been dramatically enhanced by removing the blank masonry façade and replacing it with the more inviting storefront design seen here. In 2002, the property sold for a significant profit.