A Malden-based landlord acquired a vacant five-story office building at a steep discount.
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United Properties acquired the vacant 125K SF building for $7.8M, down from the $40.5M seller The RMR Group paid in 2010, the Boston Business Journal reported. United plans to move its own office into the building and renovate the upper floors for smaller businesses.
United acquired the property from an affiliate of RMR's office REIT, Office Properties Income Trust. RMR and United didn't immediately respond to Bisnow's requests for comment.
The five-story property is at 75 Pleasant St. in the heart of the city and within walking distance of the Malden Center Orange Line stop.
The property was once home to the Massachusetts Department of Elementary and Secondary Education, but the department moved on Jan. 1 to 135 Santilli Highway in Everett, Patch reported.
Boston's suburban office market vacancy sat at 22.1%, although there were several notable leases in the second quarter, according to Colliers' office report. There was also 23M SF available across the suburban market, marking one of the highest levels in 20 years.
Like office owners in Boston, several suburban landlords have pursued office-to-residential conversions, including Synergy's Chestnut Place redevelopment project in Worcester and Cabot Cabot & Forbes' 200 Quannapowitt Parkway residential project in Wakefield.
Although United Properties has a substantial residential portfolio in Malden, Everett, Saugus and Chelsea, city officials told the landlord they weren't interested in seeing a conversion project on the site, the BBJ reported.
Newmark's Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, Joseph Alvarado and Casey Valente represented the seller and procured the buyer.
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