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BOSTON-Morgan Stanley Real Estate Fund IV Domestic and Boston Residential Group LLC purchased 360 Newbury St., a 129,000-sf building at the corner of Newbury Street and Massachusetts Avenue in the Back Bay. A joint venture of Capital Partners and Apollo sold the property for an undisclosed amount.

The building is comprised of 83,000 sf of office space and 46,000 sf of retail space. The new owners intend to convert the office portion of the building into 54 residential luxury condominium units, which will be marketed by Otis & Ahearn. The retail space is currently home to a Virgin Megastore which will remain throughout the redevelopment.

The building was originally built in 1920 and renovated in 1987. It is the only Frank Gehry designed multi-tenant office building in the country and is situated in one of the city’s most exclusive residential and retail neighborhoods.

The move to convert the office space into condominium use is hardly surprising as it is part of a recent trend among developers in the city. In Cambridge, Leggat McCall Properties and ING are redeveloping One First St. into 199 condominiums. Downtown, Gold Associates and VEF plan to convert the top six floors of 441 Stuart St. to luxury condominiums. Other condo conversions are happening at 199 State St. and the Hoffman Building.

Morgan Stanley Real Estate Fund IV Domestic is part of Morgan Stanley Real Estate. Since 1991, Morgan Stanley has acquired more than $30 billion of real estate assets worldwide on behalf of its clients. Boston Residential Group is a privately held real estate development and management company which owns and manages more than 1,500 luxury apartments representing $250 million in real estate assets.

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