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Boston office complex bought for $8.5M in conversion to homes
The 91,000-square-foot complex will add 95 residential units and about 3,000 square feet of amenity space after approval granted in April 2024.
A local developer acquired a downtown Boston office complex approved for an office-to-residential conversion for $8.5 million, according to a deed record cited by Bisnow. The property at 85 Devonshire St. was purchased from KS Partners, with the buyer identified as GJM 85 Devonshire St LLC, linked to Charlestown developer Gregory McCarthy.
Bisnow reports that the buyer also secured an acquisition loan from RD Advisors, with RD Managing Partner Sean Kelly-Rand announcing the deal on LinkedIn. The complex totals 91K SF across 83 to 85 Devonshire St., 258 to 262 Washington St., and 4 Water St.
The three adjoining buildings were approved in April 2024 to convert into 95 residential units and about 3K SF of residential amenity space. Bisnow adds that office-to-residential conversion plans across Boston have been moving forward, but many have not yet started construction, and the property had been scheduled to go to auction earlier this year.