The CEO of New York-based translation services company TransPerfect, Phil Shawe, is in contract to buy a colonial-style estate in Old San Juan.

The Old San Juan property, which formerly housed the French consulate, was last asking $3.9 million, but we hear that Shaw will pay around $2.9 million (a 25% price reduction).

The seven-bedroom, seven-bathroom home is 8,113 square feet and spans an entire block in Puerto Rico’s capital.

Shawe’s primary residence is now Puerto Rico, a spokesman says.

Puerto Rico Sotheby’s International Realty had the listing.