Banker & Tradesman | By Steve Adams
March 10, 2017
A Boston-based developer that specializes in the restoration of historic residential and commercial properties has acquired an 1880 double brownstone in Back Bay from Bay State College for a condominium conversion.
Chevron Partners paid $14 million to buy the former dorm at 260-262 Commonwealth Ave. in a joint venture with Paris-based real estate developer Fulton.
The property, renamed Maison Commonwealth, will be converted into five luxury condos with on-site parking.
Chevron has acquired five historic properties in Boston since 2014, most recently buying an office and retail building at 727 Massachusetts Ave. in Cambridge’s Central Square for $14 million in January. Previously it acquired the Sears Crescent office building overlooking Boston City Hall Plaza for $23.8 million in April 2016. Chevron is renovating the Sears Crescent, which has approximately 9,000 square feet available, and hired Newmark Grubb Knight Frank’s David Martel, Jason Cameron and Ben Sutton to market the office space.