The Boston Business Journal has reported that CIM Group, a Los Angeles-based company, is looking to sell 95 Berkeley St. in Boston. This six-story office building is mostly vacant and located on the border of Back Bay and South End. The property has been identified as a potential site for the city’s largest project under its office-to-residential conversion program, which offers tax incentives for redevelopment.
CIM Group submitted an application to the Boston Planning and Development Agency in April proposing to convert the building into 111 residential units. This would involve adding at least 20,000 square feet onto its current size of 107,000 square feet.
While there is no guarantee that a new owner will choose to convert the property into apartments, CBRE (the firm marketing it) has positioned it as suitable for either offices or residences. They estimate that converting it into residential units would cost around $75 million.
According to marketing materials from CBRE , this offering includes no existing debt attached to it. Additionally, Mass Design Group currently holds an office lease on the ground floor until April of 2032.
