Liberty Companies pioneered the development of commercial condominiums with the development of Boston's Jewelry Exchange Building, the first jewelry exchange in Massachusetts. Prior to Liberty's acquisition of the property, located in Boston's revitalized Downtown Crossing area, the Jewelry exchange was a chaotic retail property. With characteristic imagination, Liberty converted and renovated the building to create a more organized and hospitable shopping environment.

Thanks to traditionally small spaces required by jewelers and relatively high selling prices for these retail condos, an unusually high per square foot aggregate selling price was obtained. This yielded an IRR in excess of thirty percent.