"Given the current real estate market, we have determined that the wisest path consistent with TCB's mission is to capitalize on the value of this building in the current marketplace for residential conversion," says Patrick E. Clancy, TCB's president and chief executive officer. "We do not know how long the favorable conversion market will last, and feel it is our obligation to maximize the return we can realize on this all important asset to support our mission." TCB is the nation's largest nonprofit urban housing developer.

The eight-story building was built in the 1920's and purchased from Graham Gund Architects in 1988 for $7.1 million. It has a prime location in Boston's South End, with access to Back Bay's Amtrak station, the Mass Pike and MBTA services. It is also within walking short walking distance to Copley Place and the Prudential Center and is adjacent to Columbus Center, a $1.3-million-sf, mixed-use development project with a hotel, retail and 343 residential units scheduled to open next year.

Although the asking price was not made public, there is strong interest in the building from developers and investors. "It's a fabulous building in a great location." Lisa Campoli, executive vice president at Meredith & Grew, tells GlobeSt.com. "The investment community knows that the South End is a great place."

The building is expected to be redeveloped as condominiums, but Campoli isn't completely ruling out other uses. "It's probably pure residential, but developers could get in there and look at it a different way. We'll just bring it to market and see what happens."

The current tenants have a variety of lease expirations, but all expire by Dec. 31, 2006. That includes Community Builders, which hopes to remain in the city, but have no concrete plans.