The owner of a vacant office property on Boston's waterfront that was previously proposed for redevelopment has listed it for sale.
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Luxembourg-based JAJ Investment Group has listed a 100K SF property at 400 Atlantic Ave. for sale, according to a CBRE listing. The investment firm paid $30M for the property in 2024 and filed a hotel proposal in January.
The owner had bought the property for roughly $20M less than what previous owner UBS paid for it in 2024.
CBRE's Boston capital markets team is marketing the property as a “generational value-add opportunity.” The listing, first reported by Banker & Tradesman, mentions the site is suitable for hotel, residential and office developers.
The project JAJ had proposed would transform the office building into a 113-room boutique hotel. The proposal also includes roughly 7K SF of space designated for a restaurant and bar. The plans didn't cite a specific hotel operator or restaurant.
The development team had planned to begin construction in December, but the plans haven't received approval, according to the Boston Planning Department website.
The listing also mentions the property is being offered for sale "free and clear of existing debt." The property is on the waterfront, within walking distance of South Station.
The six-story "jewel-box" property was completed in 1890 and renovated in 1984. The property has been home to several tenants, including engravers, printers and law firm Goulston & Storrs until it moved to the renovated One Post Office Square in 2023.
The property is also exempt from the state's Chapter 91 law, which protects public access to coastal and inland waters and requires public benefits from waterfront projects, according to CBRE's listing.
However, the owner of the property is expected to maintain a 15-foot walkway on the waterfront side of the property.
JAJ has done similar redevelopments in Europe, including the conversion of a historic property in Lisbon, Portugal, into the 61-room Palácio de Ludovice hotel and a Paris office property into an apartment and hotel complex.
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