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CT Investor Buys Downtown Building for $21M

BOSTON-The new owner plans a renovation to upgrade the facade, interior and retail spaces of 38 Chauncy St. to compete on the high end of the class B market.

By Joe Clements | Updated on March 26, 2007

BOSTON-A Downtown office building that one broker terms “a survivor” has been purchased by Haveland Estates LLC, a Connecticut-based company recently launched by real estate investor Philip Restifo. The 14-story, 130,000-sf building was acquired from Loeb Partners of New York City for $21 million, or $165 per sf.

“Structurally, the building is as solid as a rock,” says Restifo, who tells GlobeSt.com that 38 Chauncy St. will see an extensive capital program to become “an A of the B’s” quality wise. Architect David Hassim has been hired to handle the redesign, adds Restifo. Hassim was also the architect when Restifo converted a North Station apartment property into luxury condominiums in 2003, one of two residential plays he did in Boston this decade while at another firm, JS Karlton Inc. of Greenwich, CT.

Having hit Boston’s condo cycle just as it was picking up steam, Restifo says he is now trying to replicate the fortuitous timing on the office side of the ledger. “We think Boston is a market on the upswing,” says Restifo, so much so that he has the city on top of his wish list for buying additional office product. Tightness of supply for first-class space and the corresponding increase in rental rates should benefit a property like 38 Chauncy St., maintains Restifo, who hopes to target firms looking for a competitive rate but who want to retain a certain standard of space.

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