Photo courtesy of Newmark

A Financial District property that was marketed for a potential housing conversion sold for $10.2 million according to public records, less than half of its previous sale price in 2017.

The 10 Liberty Square and 12 Post Office Square property totals 49,725 square feet of class B office and retail space.

The property is suitable for conversion to residential use because of its narrow floor plates and windows on four sides, according to brokerage Newmark which represented the seller.

The buyer, 12 Post Office Square LLC, is a real estate entity managed by attorney Patrick Mahoney and Paul and Sandra Edgerly, who are considering a residential conversion, according to a report in the Boston Business Journal.

The seller is GRE Liberty Square LLC, which acquired the property in 2017 for $20.8 million. The corporation shares an address with Denver-based Sagard Real Estate.

The purchase price equates to $205 per square foot. The building is currently 53 percent leased to 10 tenants, according to Newmark.

“10 Liberty Square & 12 Post Office Square offered an exceptional opportunity to leverage Downtown Boston’s Class B office basis reset. It further presents irreplaceable urban real estate with tangible upside potential,” Newmark Senior Managing Director Samantha Hallowell said in a statement.

Developers receive 29-year abatements on property taxes equating to 75 percent under Boston’s downtown office to residential conversion program, which launched in late 2023.