A major Boston office landlord is firmly slamming the lid on the idea that residential conversions of its assets in the city’s downtown are possible right now.

Synergy Investments Executive Vice President Matthew Godoff, as a panelist at a recent NAIOP Massachusetts seminar on the future of office assets, told a crowd that his company had engaged architecture firm Gensler for a preliminary survey to see if any of its class B buildings were worth converting to residential, according to the Contrarian Boston newsletter. The independent newsletter is written by Banker & Tradesman columnist Scott Van Voorhis, but is not affiliated with the newspaper.

The idea of office-to-residential conversions has generated significant excitement in policy circles, with Boston Mayor Michelle Wu’s administration making an effort to increase the number of downtown residents a major plank in its strategy to revive the flagging downtown economy amid a lackluster share of workers returning to their desks. The administration is pursuing new zoning that would allow taller heights and has engaged a consultancy to come up with strategies to encourage office-to-residential conversions as an unusually large number of leases are expected to be up for renewal this year. Experts have repeatedly flagged logistical and financial hurdles to policymakers’ hopes for such conversions.

In a statement to Banker & Tradesman on Monday, Godoff signaled Synergy does not have active plans to turn any of its class B properties in downtown Boston to residential uses.

“As one of the largest office landlords in the city, we fully support the development of more housing in downtown Boston,” he said in an email. “There has been a lot of discussion recently regarding conversion of existing office assets to residential use. However, this strategy poses many challenges including the physical structure, existing leases, permitting and zoning. Furthermore, it is not currently economically viable, given cost basis, conversion costs and prevailing rents. Assistance from local and state government is required in order to achieve this policy objective.”

Boston Office Landlord: Public Help Necessary for Conversions

by James Sanna time to read: 1 min
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