BOSTON–Suffolk University is pushing ahead with a major office-to-dorm conversion in the heart of downtown Boston, supported by a $158 million bond issuance to fund the redevelopment.
The university plans to transform the former office building at 101 Tremont St. into housing for 280 students by fall 2026, according to a report by the Boston Business Journal (BBJ).
The project, approved by city officials in January, comes as Boston faces high office vacancy rates—creating opportunities for adaptive reuse, especially with encouragement from Mayor Michelle Wu’s administration. As the BBJ noted, the city has been offering subsidies to support conversions that help reinvigorate underused commercial properties.
Suffolk acquired the building last year for $30 million from an affiliate of Australia’s Macquarie Group, the BBJ reported. Of the $158 million in borrowed funds, $100 million will go toward the conversion of the Tremont Street site, which still houses the Beantown Pub on its ground floor. Suffolk officials stated that the pub will remain in operation during and after the redevelopment.
“This will fulfill a critical student housing need,” the university said, as quoted in the BBJ. Suffolk has successfully executed similar conversions before, including the transformation of the former Ames Hotel into a residence hall for 300 students after purchasing it for $64 million in 2019.
Though converting office space into housing can be technically challenging—particularly due to layout constraints—Suffolk’s track record suggests a growing institutional strategy that aligns with shifting urban real estate dynamics.
