Just one unit remains on the market as conversion of the former Beacon Press offices on Beacon Hill into luxury condos nears completion.

Not all luxury condominiums in Boston need to offer high-rise views or celebrity chef-run eateries to garner prices approaching $2,000 per square foot.

On Beacon Hill, developer Chevron Partners is targeting a more discreet and, some would say, traditional Bostonian clientele as it wraps up conversion of the former Beacon Press offices into multimillion-dollar residences.

While the city’s growing ranks of glitzy condo towers and even high-end apartment buildings increasingly tout personal assistant-style “concierges” and

common area lounges for residents to mingle, the seven-unit Maison Vernon is positioned to appeal to buyers who value distinctive architectural touches and a low profile.

“The buyer who wants to live in a high rise is not looking at a typical brownstone building,” said Beth Dickerson, the listing agent for Gibson Sotheby’s International. “Certain people just don’t want to be in a hotel environment. They don’t want to say hi to the doorman every day and don’t want to say hi to their neighbors every day.”

It’s been a persuasive sales pitch. All but one of Maison Vernon’s units went under agreement more than a year ahead of completion. Although prices are confidential until closings begin this month, average listing prices were $1,900 per square foot. The penthouse unit – with its rooftop deck equipped with an outdoor kitchen, a gas-powered fire pit and a hot tub – went under agreement for well above the $10.5 million asking price, Chevron Partners Founding Partner Marcel Safar said.


An Unusual Opportunity  On Beacon Hill

Chevron Partners saw the century-old, 26,494-square-foot brick structure at 41 Mount Vernon St. property as a prime condo conversion candidate because of its 50-foot-wide floor plates suitable for full-floor units spanning nearly 3,000 square feet.

It paid $11.5 million for the rare opportunity to acquire a corner lot located a block away from the Massachusetts Statehouse, as the Unitarian Universalist Association (UUA) put its portfolio of Beacon Hill properties on the market and relocated to Fort Point.

The project served as the impetus for Chevron to form its own construction company, Safar said. That’s given it more control over the sourcing of materials, such as Italian white marble and French oak flooring, and labor-intensive touches such as crown moldings.

“Our value proposition is we think we can design units and have high-end finishes a developer normally wouldn’t take the risk to do, because people would just want to rip it out and customize it afterward,” Safar said. “Generally, all buyers have left our finishes with minor changes.”

Founded in 2011 by Safar, a real estate attorney turned developer, Chevron Partners now owns six office and residential condo buildings in Boston and Cambridge.

The company is a joint venture with Paris-based investment firm Fulton. While attending law school in France, Safar met Fulton Managing Partner Xavier Giraud through a mutual friend. Safar went on to work as a real estate attorney in New York City, and returned to Boston a decade ago to help his father reposition several properties. That influenced his hands-on approach to development and the vertically-integrated business model with in-house construction team.

“The real long-term value of an asset comes from the way it’s been built. All of our assets are architecturally significant buildings,” he said.

The timing was right in 2011 to team up with investment partner Fulton, which was looking to diversify its development portfolio with projects in Boston and Miami, Safar said.

Sale prices at Maison Vernon are among the highest per square foot for Beacon Hill condos without parking, Dickerson said. A valet service is included in the condo fee.

Overlooking Boston Common at 25 Beacon St., another property sold by the UUA for $23.6 million in 2014 is confirming another developer’s condo conversion strategy. Four of the six units in the former offices overlooking the Public Garden have sold this fall for $3.6 million to $11.8 million, according to Suffolk County Registry of Deeds filings. One fetched over $2,900 per square foot.

The property made headlines after Gov. Charlie Baker considered granting developer Sea-Dar Real Estate an easement on the neighboring Statehouse lawn so they could build enlarged window wells for basement au pair residences. Baker withdrew his support after the Massachusetts Historical Commission objected.

A rare Beacon Hill condo with on-site valet parking, the property has been well-received among buyers because of its sprawling 3,500-square-foot single-floor units and proximity to green spaces, said Tracy Campion, owner of Boston-based Campion & Co.

“The buyer demographic is people who appreciate a boutique building with a historic feel, but also the modern amenities,” Campion said.

Beacon Hill Conversions Pay Off

by Steve Adams time to read: 3 min
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