The long-underused Bedford Building at 99 Bedford Street is about to get a serious makeover, and it is staying an office building. The new owners of the five-story downtown property plan to pour roughly $25 million into renovations instead of jumping on the hot office-to-apartment conversion trend. With the building sitting nearly empty, the strategy is to upgrade it into a smaller, amenity-heavy workspace that can lure tenants back into Boston’s core.
As reported by Boston Business Journal, the ownership group led by Chevron Partners and Capital Hall Partners is planning about $25 million in capital improvements while keeping the property configured for office use. Grant Welker’s report notes that the buyers opted against converting the building to housing and will instead reposition it to compete for downtown tenants. With the current low occupancy, the teams are putting common-area and amenity upgrades at the top of the to-do list.
Owners’ Plan: Boutique Office Upgrades
The project’s marketing materials highlight plans for a refreshed lobby, a tenant lounge, conference areas, a fitness center, and a 9,600-square-foot spec suite that can be delivered to an incoming tenant, with JLL overseeing leasing. According to 99bedford.com, the repositioning leans into the building’s brick-and-beam character and efficient floorplates to attract small and midsize firms. The development team lists Adige Design and DJSA Architecture as collaborators on finishes and interiors.
A Sale That Reflected The Market
The property sold at auction in November 2025 for about $19 million after lenders retook the asset, a steep drop from the roughly $50 million paid in 2019. As reported by Boston.com, the winning bidder acted on behalf of Chevron Partners and Capital Hall Partners, while the City of Boston was a runner-up bidder before bowing out near $18.75 million. Boston.com quoted a representative saying, “We like the building,” and noted that the sale highlighted ongoing weakness in parts of the downtown office market.
Where It Fits In Downtown Trends
The decision to double down on offices comes as the city continues to approve office-to-residential conversions downtown. One recent count puts nearly 1,800 units proposed, under construction, or complete as part of Boston’s conversion program, changing how owners weigh hold-versus-convert options. As NBC Boston reported, those projects are clustered downtown and have reshaped incentives for many property owners.
At the same time, market data through the spring showed stabilized vacancy and flat asking rents for the broader Boston office market, suggesting there is still a tenant base for well-positioned boutique office space. For recent market snapshots, see NBC Boston.
What’s Next
Chevron Partners has described the work as a full-scale repositioning that will modernize building systems and finishes while preserving the Bedford Building’s historic character, according to a company announcement. JLL’s leasing materials and the building website list available suites of roughly 4,000 to 18,000 square feet, along with the 9,600-square-foot spec office the owners are preparing for market delivery. Owners and brokers say the combination of updated systems, new amenities, and a ready-to-occupy spec suite is designed to speed up leasing in a downtown that has seen a dramatic reset in property values over the past few years.
