Morgan Stanley and Boston Residential Acquire Newbury Street Building

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.