Project Overview
95 Berkeley Street, a six-story office building constructed in 1920 and last renovated in 1988, is situated at the corner of Berkeley and Chandler Streets in Boston’s South End. The building was acquired by CIM Group and Center Court Mass, LLC in 2016 for $43 million . In April 2024, the developers proposed converting the building into 91 residential units, including a mix of studios, one-bedroom, two-bedroom, and three-bedroom apartments. The project aims to address the city’s housing needs while revitalizing an underutilized commercial property.
Location: 95 Berkeley Street, South End, Boston, MA
Developer: CIM Group (Los Angeles) and Center Court Mass, LLC
Original Acquisition: 2016
Proposed Conversion: 91 residential units (26 studios, 41 one-bedrooms, 17 two-bedrooms, 7 three-bedrooms)
Total Building Size: 107,128 sq ft
Estimated Cost: $75 million
Financing: Combination of debt, equity, and public grants/subsidies
Tax Incentives: Eligible for Boston’s Office-to-Residential Conversion Pilot Program (75% property tax abatement over 29 years) and Massachusetts state grants (up to $4 million per project)
Current Status: Developer has listed the property for sale; conversion approval pending
Proposed Conversion Details
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Unit Mix: 26 studios, 41 one-bedrooms, 17 two-bedrooms, 7 three-bedrooms
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Unit Sizes: Ranging from 500 to 1,200 sq ft
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Rents: Estimated between $3,800 and $10,000 per month
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Affordable Housing: 20% of units designated as affordable under Boston’s Inclusionary Development Policy
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Ground Floor: Existing retail spaces totaling 15,798 sq ft to remain; potential for additional retail or resident amenity space
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Parking: 36-space below-grade garage to be retained for residents
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Building Expansion: Proposed addition of approximately 20,000 sq ft to accommodate the conversion
Financing & Incentives
The conversion project is estimated to cost $75 million, with financing sourced from a mix of debt, equity, and public grants and subsidies. The developers have applied for Boston’s Office-to-Residential Conversion Pilot Program, which offers a 75% property tax abatement over 29 years, and Massachusetts state grants providing up to $215,000 per income-restricted housing unit, capped at $4 million per project.
Current Status
As of September 2024, CIM Group has listed the property for sale with CBRE, marketing it as a redevelopment opportunity. The listing suggests multiple potential paths for value creation, including leasing up existing office space or pursuing the proposed residential conversion . The conversion application is still under review, and approval is pending .
Location & Connectivity
95 Berkeley Street is strategically located just south of the Massachusetts Turnpike, offering easy access to major highways and public transportation. The Back Bay MBTA station is within walking distance, providing convenient access to the Orange, Green, and Commuter Rail lines. The building is also situated near numerous dining, shopping, and cultural amenities in the South End and Back Bay neighborhoods.
The 95 Berkeley Street conversion project highlights the challenges and opportunities associated with repurposing office buildings in Boston’s evolving real estate landscape. While the project’s future remains uncertain due to the pending sale and approval process, it underscores the city’s commitment to innovative solutions for housing and urban revitalization.
