"We've have a phenomenal response already," Bill Moylan, with CB Richard Ellis/New England, tells GlobeSt.com. He says tours of the property are being offered beginning this week and "Every major developer in the city is interested in taking a look."
No asking price for the building has been set but recent building sales Downtown have ranged from more than $200 to $800 per sf, Moylan notes. Bids on the building are due by the end of the year.
"There's already been a lot of interest from a number of developers in all asset classes," Richard Taylor, a principal with Taylor Smith Realty, tells GlobeSt.com. The firm is marketing the building in cooperation with CBRE. Taylor says the property will be sold under a lease-back arrangement with the school, which plans to move to open a new facility in Mattapan in September 2008.
Moylan says the building would work well as a hotel, office or residential. The building could also serve as a school facility for the many colleges and universities nearby, including Emerson College and the New England School of Law. The building features floor plates of 11,500 sf with some basement and mezzanine levels.
Constructed in 1899 as the headquarters for Boston Consolidated Gas, the building was later acquired for $1.5 million in the mid-1960s by the University of Massachusetts for its Boston campus. The property was later renovated several times and leased by the state to the charter school, which acquired the building in the late 1990s. About 1,280 students from pre-kindergarten through sixth grade currently attend classes at the facility.
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