BXP, the Boston-based real estate investment trust, has purchased two office buildings in Waltham, MA for a combined $30 million following a recent rezoning of the area. According to county deed records cited by Banker & Tradesman, the REIT acquired 860 Winter St. for $17 million and 870 Winter St. for $13 million. Both properties sit within the Bay Colony office park, a suburban office cluster located west of Boston.
The seller in the transaction was an affiliate of the Massachusetts Medical Society, an industry group headquartered at 860 Winter St. The second building at 870 Winter St. had previously been occupied by defense contractor Raytheon. The change in ownership comes as local land-use policy is shifting, with Waltham officials and state stakeholders examining how underutilized office campuses can be repositioned for new uses.
The Waltham City Council recently approved rezoning in this part of the city to allow multifamily development, reflecting a wider push in Massachusetts to convert underused or vacant office properties into apartments. Policymakers in the state have been increasingly focused on reprogramming older office inventory that no longer aligns with tenant demand, particularly in suburban locations, to help address housing needs. The Bay Colony office park is among the areas now eligible for residential use under the revised zoning framework.
Within this context, BXP has been an active player in the suburban Boston office and mixed-use landscape. The company reports that its suburban Boston portfolio extends to nearly 4 million square feet, including 16 properties in Waltham. The two Winter Street assets deepen the REIT’s presence in a submarket where it already has a significant footprint across multiple business parks and office campuses.
Beyond traditional office ownership, BXP has also moved further into residential development within office park settings. Last year, the company broke ground on a 312-unit apartment project located in a Lexington, MA office park, signaling an interest in integrating housing into established suburban employment nodes. That initiative aligns with broader efforts in Massachusetts to adapt legacy office environments to changing work patterns and housing demand.
While specific plans for 860 and 870 Winter St. have not been disclosed, the timing of the acquisition immediately after the Waltham rezoning and the state’s emphasis on office-to-apartment conversions indicate that the properties are positioned within an emerging corridor for potential mixed-use or residential redevelopment. For now, the deal underscores institutional investor engagement in suburban Boston office assets undergoing land-use transformation.
