A Woburn developer has acquired a former Jesuit administrative office building in Watertown with an eye toward converting it into coworking space for startups.
KS Partners recently acquired two properties in Watertown for $6.5 million from the Northeast Province of the Society of Jesus. The parcels include the 32,000-square-foot office building at 85 School St., a parking lot and a 12,648-square-foot office and industrial building at 165 Dexter Ave. occupied by New England Flag & Banner Co.
A KS executive said the former Jesuit offices provide an opportunity to expand coworking space, modeled upon shared space in a Newton office building it also acquired last month.
Robert Hawkins, director of asset management for KS Partners, said the Watertown office space is in excellent condition but will be reconfigured to provide a potential coworking environment for startups. The property is two blocks from the campus of medical records provider Athenahealth, which is redeveloping and expanding its Arsenal Street office complex. Developers also are proposing a redevelopment of the nearby Arsenal Project shopping center.
“We like the story of the neighborhood,” Hawkins said. “There’s a ton going on there.”
The flag company has a long-term lease for its building. The former Jesuit offices are available for lease immediately, Hawkins said. Some interior demolition is likely to provide a more open floor plan.
KS also has acquired a brick-and-beam office building at 59-85 Chapel St. in Newton for $11.4 million from Cambridge-based Fairlane Properties. The 78,000-square-foot building is 100 percent leased with approximately 10,000 square feet occupied by Charles River Coworking, along with other tech tenants.
“There’s a potential to do some coworking space and we’re trying to see if we can connect the two,” Hawkins said, referring to the Newton and Watertown properties.
In May, economic development officials launched the Charles River Mill District to promote and expand the tech cluster that has formed in many of the converted mill buildings in Newton, Watertown and Waltham. The initiative was the idea of Michael Grill, president of Fairlane Properties.
CBRE/New England’s David Pergola and Brian Doherty represented the sellers in both the Watertown and Newton transactions.
The Society of Jesus New England has relocated its administrative offices to the Campion Center in Weston, spokesman Michael Benigno said.
