85 Devonshire Street, Boston, MA, consists of three interconnected buildings. The property fronts on Devonshire, Water and Washington Streets. 85 Devonshire was constructed in 1908 and has historically housed financial institutions and related service professionals. At the time of the building’s construction it was considered to be one of the finer examples of Beaux Arts style buildings in the Financial District.
The property was renovated in 1988, including refurbishment of the lobby areas, elevators, heating system, common areas and many tenant spaces. When an independent broker brought 85 Devonshire to our attention, the property was 28% vacant, no capital improvements had been done on it since refurbishment in 1988, and no commissions were being paid to the leasing broker. The property was 90% leased by the time we closed on it in July 1996, one month after our due diligence period ended. By working closely with local government officials, we were able to reduce capital improvement costs and more quickly come into compliance with necessary codes. Retail establishments now take up the first and part of the second floor of 258-262 Washington, and small businesses fill up the remaining space. We sold the building in August, 1998.