The dilapidated Hotel Alexandra, a five-story structure at the corner of Washington Street and Massachusetts Avenue, may have a buyer.

Currently owned by The Church of Scientology, it is now under agreement for sale to Common Management.

"Common Management is delighted to have the opportunity to redevelop the iconic Alexandra building," the compnay said in a statement. "Like so many of the residents who have patiently waited for this building to be brought back to life, we see its beauty and promise, and very much look forward to engaging with our neighbors and other stakeholders to restore this property."

The Church of Scientology bought the once grand hotel in 2008 for $4.5 million, hoping to renovate and use it as its New England headquarters.