Downtown Crossing site approved for condominium building sold to Emerson College for $24 million

Panoramic Properties, proponent of the approved 13-story, 12-unit 171 Tremont Street luxury condominium building in Downtown Crossing, has sold the property to Emerson College for $24 million. Emerson plans to renovate the vacant five-story, 17,752-square-foot office building which stands on the property over the next nine to 12 months. 171 Tremont Street’s final purpose will be determined at a later date; in the short term, Emerson plans to use the building as office space. “It gives us some flexibility with some of our existing programs to take advantage of the space with some modest renovations,” said Emerson Senior Assistant Vice President of Real Estate Art Mombourquette in an interview with Banker & Tradesman. “The building is in fairly good condition, so we don’t see an extensive scope of work there.” 171 Tremont Street is strategically located in the heart of Downtown Crossing overlooking Boston Common, and will allow Emerson to create further ties between the Boylston and Washington Street parts of its’ campus.

Panoramic Properties’ original development plans for 171 Tremont Street called for a 355-foot condominium tower with 31 condominiums. Facing neighborhood opposition, the approved building was ultimately reduced to 155 feet tall with 12 condominiums. Panoramic Properties acquired 171 Tremont Street for $16.4 million in June 2014. “We are happy to see a wonderful and vibrant institution like Emerson take control of this site, and we remain committed to staying active in the Boston Market,” said Joseph Dabbah of Panoramic Properties in a prepared statement. Newmark Knight Frank’s Tom Greeley represented Panoramic Properties in the $24 million sale of 171 Tremont Street to Emerson.

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