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The new owner of a Bulfinch Triangle office building is considering options including a residential conversion after acquiring it for a 63 percent discount from its previous sale in 2018. 

Kinross Real Estate of Brighton, a property management and development company, paid $8.25 million for 60 Canal St. The purchase price equates to $195 per square foot.

The 42,000-square-foot building is currently 40 percent leased, said Mark Blotner, owner of Kinross Real Estate, including ground-floor retail space occupied by Ski Monster. Two of the three floors of office space are available.

“It lays out very nicely for residential, but if I happen to get it rented [as office space] in the meantime I certainly would,” Blotner said.

The late 19th-century building includes a central atrium on the upper three floors, breaking up the floor plates and making a residential layout more feasible, Blotner said. A private lender provided financing for the off-market transaction.

The property previously sold in May 2018 for $22 million to an affiliate of Columbia Property Trust.

The new owners of another nearby office building that formerly housed the CBT Architects headquarters are considering a hotel conversion, according to a Boston Business Journal report.

Rhino Capital acquired 110 Canal St., a 63,000-square-foot office building with ground-floor retail, in December for $14.6 million in mortgage debt.

The Bulfinch Triangle neighborhood located between North Station and Government Center contains many older class B office buildings, which have been hit hardest by the surge in vacancies since 2020.

The vacancy rate in the North Station submarket was 23.2 percent at the end of December, according to brokerage Newmark, with average asking rents of $51.10 per square foot for class B space.