Eastern to sell Century's HQ site for $20.5 million

Eastern Bankshares in Boston is planning to sell the corporate offices of Century Bancorp in Medford, Mass. 

The $17 billion-asset Eastern disclosed in a regulatory filing Wednesday that it has an agreement to sell a five-story office building, a three-story building and nearly five acres of land for $20.5 million.

Eastern agreed in April to buy Century for $642 million. 

The sale of the property is contingent on the Century acquisition closing. Both transactions are expected to happen in the fourth quarter. 

The property’s buyer has 45 days from Sept. 30 to conduct due diligence on the site. 

Eastern, following the property’s sale, will have the right to continue to occupy the buildings until the end of April at a cost of $500 per day, along with the costs for utilities, insurance and property maintenance.