File photo courtesy of Equus Capital Partners

A Downtown Boston office building that traded for nearly $103 million before the pandemic sold this week for $29.5 million to an active investor in the post-pandemic residential conversion market.

The 12-story office building at 18 Tremont St. was acquired by Boston-based Kendall Capital. Newburyport-based Institution for Savings provided $20.6 million in mortgage financing for this week’s transaction.

The latest purchase price is a 71 percent discount from the previous transaction. Atlanta-based Jamestown acquired the property overlooking Boston Common in 2019.

The purchase price works out to $146 per square foot.

The 202,060-square-foot property is currently assessed at $49 million, down from nearly $71 million in 2024.

Kendall Capital, headed by Fan Du, acquired 320 Summer St. in Fort Point last winter and received approval from the Boston Planning & Development Agency in May for a 145 apartments under the city’s Office to Residential Conversion program.

The office vacancy rate in the city of Boston is 17.9 percent, including 20.1 percent in the Class B submarket, according to a report released last week by Hunneman.