Aug. 12 at 9:00 PM
$STWD In April, LNR Partners, a subsidiary of Starwood Property Trust, completed the acquisition of the landmark Park Square Building at 31 St. James Avenue in Boston’s Back Bay through foreclosure for approximately
$96 million. The property has emerged as a compelling redevelopment opportunity, reflecting the growing demand for residential housing in Boston. Vanbarton Group has recently advanced plans to convert the approximately 540,000-square-foot building into as many as 490 residential units, in a redevelopment that could represent an investment of up to
$410 million. Such a conversion would reposition a historically significant but underutilized office property into a large-scale residential community in one of Boston’s most desirable neighborhoods. If approved, the project is expected to become the largest office-to-residential conversion undertaken in Boston to date and represents a significant potential transformation of the asset following its acquisition by LNR Partners.
