Leggat McCall To Bring Business Condos to Boston

"We are still working on our pricing and strategy but word of mouth is making the phone ring," says Bacon. Between 150,000 sf and 200,000 sf, or three or four buildings in the 471,000-sf property will be turned into business condos, Bacon says. The remaining buildings will be available for lease. The company will close on the 70 Shawmut Rd. industrial park today. The firm is purchasing the property for approximately $30 million from New York-based global investment group BlackRock Inc.

Business condominiums are a relatively new concept in the Boston market although they have become popular in the Sun Belt states during the last few years. Bacon says Leggat McCall has studied the concept's popularity in Phoenix, Valencia, CA, Florida and other areas of the country before developing its own model for the project.

"We know there is a lot of demand for small buildings," he notes. "And we know small to mid-sized privately held companies can't find smaller buildings in this market. There are some good indicators that there is a lot of demand." Bacon says the firm expects to partition the buildings into condo units ranging from 4,000 sf to 20,000 sf with some build-to-suit, based on demand. Prices for the business condos have not yet been set. Today's low interest rates and the demand by entrepreneurs for smaller, privately owned facilities will help spur sales, he predicts.