Each is expected to sell at a firm $360 per sf, Jeff Becker, senior vice president of NAI Hunneman Commercial in Boston, tells GlobeSt.com. "It will be a chance to own a piece of Boston at a financial level that's affordable." Becker and colleague Bob Fitzgerald are marketing the property for developer Bayview Devonshire LLC, a wholly owned subsidiary of Bayview Financial.
The Coral Gables, FL-based developer decided to take the office condo concept to the Bay State after a string of conversions in Miami and San Francisco, Becker says. The project is the first office condominiums here since the 1980s when One Federal St. was redeveloped. "If you really study the Downtown market, you will find a majority of users are small players who have been looking for just this opportunity," Becker says.
Robbie Oppenheim, managing director of Bayview Financial, says in a statement that the property will appeal to businesses that want a prominent Boston address but are tired of increasing rental costs. "We like the property's proven location in the center of the Financial District, and, when fully renovated, think it will have market appeal to businesses who want to control their own destiny through ownership rather than being controlled by landlords."
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