The buildings "are an important strategic purchase for us," Berklee VP for real estate William Whitney tells GlobeSt.com. The properties at 155, 159-165 and 167-171 Massachusetts Ave. are "the corner of Main and Main for Berklee's campus," notes Whitney. The school already occupies space in 155 Massachusetts Ave. for faculty offices and the ground floor and basement of 167-171 Massachusetts Ave. for student rehearsal studios. There are several commercial tenants in the office space, while the retail includes a Dunkin' Donuts, Wendy's and Thai restaurant.
The purchases are not wholly unexpected, according to a member of the Berklee College Task Force. Meg Mainzer-Cohen, president of the Back Bay Association, says the task force was apprised that Berklee is pursuing real estate near its campus at 1140 Boylston St., but says she had not heard of specific properties or what uses are envisioned. And while the scope of the school's master plan is still being defined, Mainzer-Cohen praises the acquisitions. "In my mind, it's good news," she says, adding, "they definitely have community support for purchasing and developing new space."
Mainzer-Cohen notes, for example, that the task force sent a letter to a local church asking it to sell a strategic parcel to the college. And while a proposed expansion on a school-owned property at Boylston St. and Massachusetts Ave. was criticized for being too large, Mainzer-Cohen says she anticipates Berklee will make another attempt to build there in the future. In the meantime, Mainzer-Cohen says she anticipates the recent purchases will be reviewed at the next task force meeting.
Berklee paid $18.5 million to acquire 155 and 159-165 Massachusetts Ave., while another $6.2 million was spent for 167 -171 Massachusetts Ave. Arnold Mason was unavailable for comment regarding the sale of his properties, but his family still owns several commercial and residential developments in Greater Boston under the Mason Management Co. flag. Mason's ownership of the buildings bought by Berklee date back to 1983 and possibly earlier. Berklee was advised on the purchase of the buildings by Sandy Tierney, an EVP at McCall & Almy, a Boston-based real estate advisory firm.
Founded in 1945, the Berklee College of Music has exploded during the past decade, emerging as an internationally acclaimed musical institution with more than 3,800 students and 460 faculty members. The Back Bay campus already features a 1,200-seat performance theater at 136 Massachusetts Ave. in addition to classrooms, dormitories and offices. The school is likely to expand in the buildings just acquired as space becomes available, says Whitney, but he stresses there are no set plans for that or any thoughts on whether the school might consider development at the new holdings.
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