Image courtesy of MCRE

The new owners of 11 Avenue de Lafayette in downtown Boston plan to reposition the 57,000-square-foot office building for multitenant use.

Educational travel organization Elderhostel sold the 11 Avenue de Lafayette property for $23 million to MC Estate Partners and Taconic Capital Advisors, and leased back one of the five floors.

The joint venture partners say they plan a comprehensive capital improvement program to reposition the remaining 40,000 square feet in the 120-year-old structure.

Brooklyn-based MCRE specializes in repositioning of brick-and-beam buildings and now owns four properties in Boston. MCRE most recently acquired the adjacent 110 Chauncy St. in March for Sasaki’s new headquarters, and Sasaki will design the updates to the lobby and common spaces at 11 Avenue de Lafayette.

“This acquisition showcases our continued belief in the urban office sector and we’re confident our planned capital improvement and repositioning program will unlock the full value of this boutique brick and beam investment. We also believe combining the availability for lease and repositioning of 11 Avenue de Lafayette and 110 Chauncy St. will establish a hub for top design and creative office users in downtown Boston,” MCRE Managing Principal Andy Nathan said in a statement.

Elderhostel bought the property in 1999 for $6.6 million.