Photo courtesy of the city of Newton

The new owner of a Newton office building completed a lease raising its occupancy rate to 84 percent even before closing on its $4 million acquisition of the property.

Boston-based Legacy Real Estate Investors assumed responsibility for marketing available space at 70 Wells Ave., after placing the 28,244-square-foot property under agreement and closing on the purchase June 30.

Dedham Institute for Savings provided $3.4 million in financing.

Legacy’s improvement plan for the 45-year-old building includes a lobby renovation and conversion of storage space into offices. Existing tenants include professional service firms and medical tenants.

Newmark’s capital markets team represented the seller, Wingate Cos., and procured the buyer.

The acquisition is the second in Wells Park for Legacy Real Estate Ventures, which bought a 31,291-square-foot office building at 189 Wells Ave. from Wingate in May 2022.

“We have had incredible success at 189 Wells Ave. and look forward to replicating our value-add model at 70 Wells Ave.,” Jen Price, a principal at Legacy Real Estate Ventures, said in a statement.

Legacy Real Estate Ventures owns 22 office, medical and flex properties in Massachusetts, Rhode Island and Pennsylvania.