201-207 South Street
Boston, MA
Project summary
Partner: Juster Properties
Boston, MA
Total SF: 74,000
Partner
Juster Properties
Property
- Office
- 74,000 SF
Timing
February 2016 – Current
Opportunity
- Off-market sale
- 100% leased at time of purchase with in place rents 35% below market
- Historic “loft-style” building in the burgeoning leather district
- Outdated tenant build outs and building systems
- Brick and timber interiors well suited for TAMI tenants
- Located across from The Boston Redevelopment Authority’s 5.5 acre DOT redevelopment and close to South St. Station
Value Add / Execution
- Received city approval to cut in windows on the south side of the building to bring in more light to previously dark suites
- Created building wide pre-built program to be executed as space rolls to facilitate leasing and limit downtime
- Additional planned capital improvements include: new elevators, a revamped lobby and a basement amenity space
- Significant value increase due to improved market dynamics in the leather district
- Long term hold