66 Beacon Street Update 09/24/17

Mixed-use building at key Beacon Hill intersection sold to Quincy developer for $20.45 million


Quincy Mutual Fire Insurance Company has acquired 66 Beacon Street, a seven-story, 25,125-square-foot mixed-use building located at the intersection of Beacon and Charles Streets, for $20.45 million in cash. The sale amounts to nearly $814 per square foot. The building’s seller is Boston Mutual Life Insurance Company, who acquired 66 Beacon Street for $14.5 million (over $577 per square foot) in June 2011. 66 Beacon Street contains 15 luxury apartment residences on its' upper five floors, with 2,500 square feet of office space on the second floor and 2,500 square feet of ground-floor retail occupied by Cambridge Trust Company and Starbucks. The building, which overlooks Boston Common and the Public Garden, presents upside potential for conversion to office space, luxury apartments or luxury condominiums. Quincy Mutual Fire Insurance Company recently completed West of Chestnut, a mixed-use development in Quincy Center featuring 169 apartment residences with ground-floor retail developed in partnership with Gate Residential.

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