Boston-based Berkeley Investments has acquired 200 Exchange St. in downtown Malden.

The company purchased it for $21.7 million from KBS Real Estate Investment Trust with plans for a transit-oriented, mixed-use repositioning of the former Bank of Boston operations center.

The 314,176-square-foot office building is located across from the Malden Center MBTA station. Berkeley plans a significant capital improvements program to the 4-story building.

Berkeley has hired Stantec to design streetscape and exterior improvements along with a complete interior renovation and conversion of ground-floor space on two sides of the building into retail. The building’s oversized floor plates and utility infrastructure are suited for a conversion into creative office space and data center, according to a press release.

HFF’s Coleman Benedict, Chris Phaneuf, Ben Sayles and Mark Campbell represented the seller and procured the buyer. Gramercy Property Trust advised KBS on the transaction.

“With a lower price point than other close-in suburbs and with immediate T access, Malden is emerging as a new residential and commercial hub for the region and 200 Exchange St. is well positioned to both contribute to and benefit from this transformation,” Sayles said in a statement.