Plans Filed for 155-Unit Office-to-Apartment Conversion in Boston

Boston continues to be a hub for office conversion enthusiasts, with Kendall Capital planning to convert a landmark office building in Boston’s Financial District into a 155-unit residential property. The 155,000-square-foot project would be financed through historic tax credits, according to a report by Banker & Tradesman.

Kendall Capital manager Mai Luo acquired the property from B.E. Realist LP for $15.75 million last December, public records show. Located at 133 Federal St., the 12-story Brutalist building formerly known as the Blue Cross-Blue Shield Building was built in 1960 and certified as a landmark by the city in 2024.

The redevelopment project is anticipated to take 16 to 24 months and would create a mix of apartments including 118 studios with rents ranging from $2,500 to $4,500. An application submitted to the Boston Planning Department states that all of the current leases are subject to owner termination rights in the next 18 months.