Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-A landmark Kenmore Square property that recently went on the market is being eyed by Boston investors including the Boston Red Sox, sources familiar with the property tell GlobeSt.com. “There’s been incredible interest from just about every big name in Boston from developers and universities to the Boston Red Sox,” says the source, referring to the three-building property at 495 Commonwealth Ave., the former home of Waterman’s Funeral Home.

The Red Sox could not be reached for comment yesterday. Robert Doherty, with Beal and Co., which is marketing the 19,500 sf, three-building brownstone tells GlobeSt.com that interest in the buildings have been intense. “We’ve had residential developers looking at it, non-profits looking at it as well as institutions and universities.” Much of the interest in the interconnected building stems from both its location just steps from Kenmore Square and its turn-of-the-century architecture, he adds.

While Doherty says an asking price has not been set on the property, a source familiar with the sale tells GlobeSt.com that the three buildings could command between $8 million and $10 million, or between $300 and $400 per sf, because of their location. Other properties in the area, including one at 347 Commonwealth Ave. just a block away, recently sold for $370 per sf and another at the intersection of Massachusetts and Commonwealth avenues went for more than $400 per sf, the source says.

Designed by architect Charles Howard Walker, who was also responsible for the Waterworks in Chestnut Hill, the three attached buildings were constructed in 1895 as single-family residential units at the junction of Beacon Street and Commonwealth Avenue. The property was bought in 1921 by the Waterman Family, which operated a funeral home at the location until about 15 years ago when it leased the property to another funeral home operator. When the lease on that property expired recently, the family decided to sell the buildings, which are now all vacant, says Doherty.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.