CIM Group, a Los Angeles-based real estate firm, has put 95 Berkeley St. in Boston on the market. The six-story office building is located on the border of Back Bay and South End and is currently mostly vacant. This property could potentially become the largest project in Boston’s office-to-residential conversion program, which offers tax incentives for redevelopment.
In April, CIM Group submitted an application to the Boston Planning and Development Agency outlining their plans to convert the building into 111 residential units. This would involve adding approximately 20,000 square feet onto its current size of 107,000 square feet.
However, there is still a possibility that a new owner may choose not to convert it into apartments. According to marketing materials from CBRE (the firm handling the sale), they are positioning it as suitable for either offices or residences after renovation costs estimated at $75 million.
The property does not have any existing debt attached to it according to marketing materials and also has a ground-floor office lease with Mass Design Group until April 2032.
