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CIM Group Lists Boston Offices It Planned to Convert to Residential
Los Angeles-based CIM Group has listed 95 Berkeley St. in Boston, a mostly vacant six-story office building on the Back Bay-South End border, the Boston Business Journal reported. The property would be the basis of the largest project in the city’s office-to-residential conversion program, which offers tax breaks for redevelopment.
CIM Group applied to the Boston Planning and Development Agency in April. It proposed creating 111 residences at the property, a conversion that would add at least another 20,000 square feet onto the existing 107,000 square feet.
A new owner might decide not to turn the building into apartments. The Business Journal reported that in marketing materials, CBRE positions the property as either offices or converted residences. The firm estimated a residential conversion would cost at least $75 million.
Marketing materials say 95 Berkeley is offered free from existing debt. Mass Design Group has a ground-floor office lease through April 2032.
- ◦Sale/Acquisition
- ◦Development
