Developer Daniel Brenna Jr., who heads locally based CapitalReal Estate Group, says he will shortly make site plan applicationto convert the building into offices. The building had earlier beencleared for conversion to more than 40 residential units, and hadalso been on themarket for sale for a time just more than a year ago.

But conversion to offices is now the plan, and Brenna says hehopes to get that process under way within the next nine to 12months. The asset will be positioned for either one large tenant ormulti-tenant use, according to Brenna, and he plans to price thespace at between $12 to $14 per sf. Office space in this city'sdowntown area generally commands asking prices in the $18 to $25per sf range.

The anticipated cost of the conversion hasn't been released.Brenna has indicated, however, that he plans to apply for state taxcredits and grants to help get the project done. He also plans toinstitute shuttle service to this city's commuter trainstation.

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