Plans have been submitted to convert a landmark office building in Boston’s Financial District into a 155-unit residential property, underscoring the city’s ongoing role as a hub for office conversion activity. Kendall Capital is planning the redevelopment of the 12-story property at 133 Federal St., repositioning the asset from office to apartment use.
The proposed project would deliver 155 residential units within a 155,000-square-foot structure, according to information cited from a report by Banker & Tradesman. The plan includes a unit mix anchored by 118 studios, with those studio rents expected to range from $2,500 to $4,500 per month. Additional details on the remaining unit types have not been disclosed.
The building, formerly known as the Blue Cross-Blue Shield Building, was constructed in 1960 and is characterized by Brutalist architecture. The city certified the property as a landmark in 2024, a designation that frames the context for the planned adaptive reuse. The project is expected to be financed in part through historic tax credits, reflecting the building’s status and era of construction.
Public records indicate that Kendall Capital manager Mai Luo acquired the property from B.E. Realist LP for $15.75 million in December. The transaction established the basis for the current redevelopment initiative, which aims to reposition an older office asset into modern residential use within a core downtown location.
Project documentation submitted to the Boston Planning Department outlines an anticipated construction and conversion timeline of approximately 16 to 24 months. During this period, the existing office occupancy structure is expected to transition, as the application notes that all current leases are subject to owner termination rights within the next 18 months. This framework provides flexibility to wind down office tenancies as the conversion advances.
The use of historic tax credits is a key element of the capital stack for the project, aligning with both the building’s landmark designation and its mid-20th-century origins. While the filing confirms the basic parameters of unit count, square footage, and schedule expectations, it does not provide additional detail on overall development budget, construction financing terms, or the full breakdown of the residential unit mix beyond the studio component.
As proposed, the conversion at 133 Federal St. adds to a growing roster of downtown Boston office properties being repositioned for housing, reflecting an ongoing shift in use patterns for aging office inventory in established business districts.
