"A five-story office building at 99 Bedford St. in downtown Boston sold at auction Wednesday for $19 million below its assessed value and more than $30 million less than it fetched in 2019 underscoring the continued slump in the city's office market. The winning bidder was Bradley Hall, on behalf of Chevron Partners LLC, a real estate development company in Boston, and Capital Hall Partners, a real estate development and investment firm headquartered in Santa Monica, California, with offices in Boston."
"The development firms behind the 99 Bedford Manager LLC took on the debt of the building, as recorded in land records on Sept. 3, from Boston Private Bank & Trust Company. Asked after the auction why the firms decided to keep the building, Hall said, We like the building, and added that they plan to renovate it and keep it as offices."
A five-story office building at 99 Bedford St. in downtown Boston sold at auction for $19 million, below its assessed value and over $30 million less than its 2019 price, reflecting weakness in the city's office market. The winning bidder was Bradley Hall on behalf of Chevron Partners LLC and Capital Hall Partners. The development firms assumed the building's debt from Boston Private Bank & Trust Company as recorded Sept. 3. The firms plan to renovate and retain the property as offices. The auction drew about 30 people, had three bidders, and the City of Boston backed out at $18.75 million. City officials signaled interest in office-to-residential opportunities and noted 11 approved office-to-apartment projects.
Read at www.boston.com
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